Sunday, 23 September, 2018

Markets Right Now: US stocks gain, led by tech and banks

OPINION: Stock market in for bumpy ride as US-China trade negotiations loom Wild first quarter ends with moderate losses
| 13 April, 2018, 06:53

U.S. companies seen as more likely to be hit by trade tensions with China were among the biggest drags on the Dow, including Boeing, down 3.1 per cent.

U.S. West Texas Intermediate (WTI) crude futures gained to settle at 63.42 dollars, a 2.2 per cent gain, its largest daily percentage rise since March 23.

The Dow slid 218.55 points or 0.9 percent to 24,189.45, the Nasdaq dipped 25.27 points or 0.4 percent to 7,069.03 and the S&P 500 fell 14.68 points or 0.6 percent to 2,642.19.

The so-called FANG stocks - Facebook Inc, Amazon.com, Netflix Inc and Alphabet Inc's Google - were up between 1 percent and 2.6 percent ahead of Facebook CEO Mark Zuckerberg's testimony before USA lawmakers on Tuesday and Wednesday.

Stocks are closing solidly higher as the market adds to its big gains from earlier in the week.

The S&P 500 posted six new 52-week highs and two new lows; the Nasdaq Composite recorded 46 new highs and 27 new lows.

Shares of Spectrum Pharma rose 22 percent after company provided positive data from lung cancer drug trial.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.78 percent.


The early losses marked a reversal of two days of gains driven largely by reduced fears around a global trade war.

The stock exchange also carried out an analysis of the new investors and noted that a review of the new investors by type of employment indicated that majority of the new investors entering the stock market were those employed in the private sector.

Apple rose 2.2 percent and Microsoft climbed 2.5 percent.

Bond prices fell. The yield on the 10-year Treasury rose to 2.82 percent. While the U.K.'s FTSE 100 Index edged down by 0.1 percent, the French CAC 40 Index dropped by 0.6 percent and the German DAX Index slid by 0.8 percent.

Stocks are clawing back much of the ground they lost in an early tumble and are trading mixed at midday on Wall Street. Delta Air Lines and fund manager BlackRock each rose 1.8 percent.

Technology companies and banks rose more than the rest of the market.

The Dow Jones Industrial Average posted a triple-digit decline on Wednesday as President Donald Trump worked to rally support for a possible military strike on Syria after an alleged gas attack, heightening tensions with Russian Federation.

The S&P 500 rose 16 points, or 0.6 percent, to 2,658. Bank of America Merrill Lynch has said a trade war could move yields higher in the medium to long term.

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