Wednesday, 19 December, 2018

Stocks open higher on Wall Street after 2 days of big losses

NEW YORK Nov. 21 2018- Traders work at the New York Stock Exchange in New York the United States Nov. 20 2018. U.S. stocks plunged on Tuesday with the Dow erasing more than 500 points amid Dow falls nearly 500 points, dragged down by Target and tech shares
| 25 November, 2018, 12:46

The selling pressure was again focused in the hard-hit technology sector, where shares of the so-called FAANG stocks - Facebook, Apple, Amazon, Netflix and Google parent Alphabet - were under pressure.

Energy companies slumped as the price of oil sank 6.6 percent. On the other hand, The Dow and S&P 500 were up 1.2 percent and 0.6 percent, respectively, for 2018 entering Tuesday.

The Dow Jones Industrial Average increased 134.04 points, or 0.55 per cent, to 24,599.68.

The Nasdaq Composite Index was up 96.19 points, or 1.39 per cent, to 7,005.02. The Russell 2000 index of smaller-company stocks shed 26 points, or 1.8 percent, to 1,469.

The S&P 500 index of technology companies has plunged 13.1% since the end of September.

The Dow Jones Industrial Average is one of several indices created by Wall Street Journal editor and Dow Jones & Company co-founder Charles Dow.

The turbulent and tech-centric Nasdaq Composite Index was nearly 14 percent below the closing high it reached in August. Nokia, a big supplier of telecom networks, fell 3 percent.

The S&P 500 index fell 6 points, or 0.2 percent, to 2,729.

Amazon, which is not a Dow component, slid 5.1% to $1,512.29. Australia's S&P/ASX 200 bucked the regional trend, adding 0.6 percent to 5,674.90.


PG&E stock fell 4.7 percent to $23.26. These declines for retail could not come at a worse time, as the holiday shopping season is a critical period of the year for these companies.

Nissan said its chairman, Carlos Ghosn, was arrested Monday and will be dismissed from the company after allegedly under-reporting his income.

Kohl's and Macy's, also big retailers, plunged 9.23 percent and 3.42 percent respectively.

Industrial companies are also falling.

ENERGY: Oil prices rebounded Wednesday as benchmark USA crude gained 3.2 percent to $55.13 a barrel in NY.

European tech stocks also fell. The biggest decliners are Facebook, which has been hounded by data privacy issues, down almost 40 percent from its recent peak, and Netflix, which is off 37 percent.

Apple sank another 3.8 percent in early trading Tuesday and Microsoft gave up 2.5 percent. The yield on the 10-year Treasury note rose to 3.08 percent from 3.04 percent.

S&P 500 measures the performance of 500 widely held common stocks of large-cap US companies. Silver inched up 0.1 percent to $14.40 an ounce. The dollar slipped to 112.54 yen from 112.83 yen.

Wholesale gasoline rose 1 per cent to $1.51 a gallon. South Korea's Kospi gained 0.4 percent. The euro edged up to $1.1403 from $1.1399. Japan's benchmark Nikkei 225 rose 0.7 percent and Hong Kong's Hang Seng added 0.7 percent.

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