Friday, 23 February, 2018

Wall Street on the front foot as it recovers after tumultuous week

Screen Shot 2018 02 12 The Dow last week. Markets Insider
Orlando Vargas | 15 February, 2018, 15:17

Wall Street's three major indexes rebounded on Monday with broad-based gains as investors regained some confidence after USA equities' biggest weekly drop in two years, but strategists stopped short of calling an end to the market pullback.

The Dow Jones industrial average jumped as much as 350 points in morning trading, erasing an early plunge of more than 500.

On Monday, the Dow, comprising 30 well-known company stocks, surged with Boeing and Apple up more than 4 percent.

All the S&P 500's major 11 sectors rose, though bond-proxy sectors real estate, utilities and telecommunications services underperformed as investors monitored rising interest rates after US 10-year Treasury yields hit a new four-year high of 2.902 earlier in the day.

The market took fright after strong wage-growth data on February 2 raised the specter of rising inflation and fears of accelerated interest rate hikes, which ignited a rally in bond yields and a sell-off in stocks.

The technological Nasdaq Composite rose by 1.6% to 6,981.96 points.

Technology companies, the leading sector over the past year, and banks fell the most. It measures the daily stock price movements of 30 large, publicly-owned US companies.

On Wall Street, many companies that rose the most over the a year ago have borne the brunt of the selling.

Stocks got off to a fast start, as expected, with early gains nearly reaching the quantities seen in the whole of Friday's session.

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Due to possibility of increased interest rates, the markets have been on the edge over the past week.

Economic data is likely to attract attention in the coming days, with reports on producer and consumer prices likely to be in focus amid recent concerns about rising inflation.

"The biggest issue for the bond market is the fact that this deficit is going to continue to grow and grow and grow", said Wedbush's Winer.

USA stocks are posting solid gains Monday as technology and energy companies recover some of their recent losses.

The Dow industrials were up 279 points, or 1.2 percent, to 24,471.

OIL: Benchmark U.S. crude fell 29 cents to $59.00 per barrel in electronic trading on the New York Mercantile Exchange. Disney agreed to buy Fox's movie and television studios and some cable and worldwide TV businesses in December for about $52.4 billion in stock.

Shares of 21st Century Fox added 2.2% after a report that Comcast Corp. may be looking to revive its bid to buy the company's entertainment assets. On Monday General Motors picked up 60 cents, or 1.4 per cent, to $42.06 and Netflix climbed $5.84, or 2.3 per cent, to $255.32. The yield on the 10-year Treasury was 2.858 percent on Monday, compared with 2.829 on Friday.

The dollar rose to 108.65 yen from 108.53 yen. The futures on gold rose by 0.81% to 1,326.30 Dollars per ounce.

The Dow industrials were up 270 points, or 1.1 percent, to 24,461.

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