Monday, 24 September, 2018

Markets Right Now: Early rally mostly fades on Wall Street

Wall Street rebounds Dow Jones up 100 points as trade war worries ebb Markets Right Now: Early rally mostly fades on Wall Street
Jodi Jackson | 13 April, 2018, 06:52

At 9:54 a.m. ET the Dow Jones industrial average was up 317.16 points, or 1.32 percent, at 24,296.26. T-Mobile shares rose 6.9 percent. In individual stocks, Facebook remained in focus as the company's CEO Mark Zuckerberg testified on Capitol Hill for second day. The Dow Jones Industrial Average finished 0.9% down, while the S&P 500 ended Wednesday 0.6% lower.

Yet while the degree of Wednesday's stock market decline may seem jarring, it should be noted that the Dow surged nearly 500 points over the two days prior, meaning the decline hasn't even erased half of that.

The S&P 500 index rose 40 points, or 1.5 percent, to 2,644.

Stocks are clawing back much of the ground they lost in an early tumble and are trading mixed at midday on Wall Street.

In its Monthly Stock Market Trading Report for the month of March, the SPSE highlighted that during the month of March this year, 50 per cent of the new investors were represented by individuals and the other 50 per cent were represented by joint/family investors.

West Texas Intermediate crude rose 2% to $66.82 a barrel. Japan's Nikkei 225 Index fell by 0.5 percent, while Hong Kong's Hang Seng Index climbed by 0.6 percent.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.81 percent.

The major Wall Street indexes edged even lower after minutes from the Federal Open Market Committee showed concern among a few of its members that rising inflation might require a faster pace of interest rate hikes than anticipated.

The S&P and the tech-heavy Nasdaq were up more than a percent, while the Dow gained 2 percent with 29 of its 30 components in the positive territory.

The technology sector, which would be particularly exposed to a negative impact from tense trade relations with China, provided the biggest boost to the S&P. JPMorgan Chase added 2.4 percent.

Earlier in the day, U.S. President Donald Trump's economic adviser Larry Kudlow told CNBC the president may be open to forming an worldwide coalition to grapple with Chinese trade issues.

LONDON: The latest salvo in a trade row between the USA and China weighed on Britain's FTSE 100 on Friday, though the damage was limited as mining and bank stocks fell while utilities made gains.

The Dow Jones industrial average increased 345 points, or 1.4 percent, to 24,279. The stock was the biggest decliner on the S&P, followed by peer WW Grainger's 4.2 percent drop.

The S&P 500 fell 11 points, or 0.5 percent, to 2,644.

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