Wednesday, 12 December, 2018

Wall Street climbs as tech, internet stocks bounce back

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
Jodi Jackson | 25 November, 2018, 12:47

Stocks are skidding Tuesday as weak results from retailers and mounting losses for big technology companies push the market back into the red for the year.

Three major factors contributed to Tuesday's sell-off, namely the disappointing news about the some big retail names, the continued tech sector sell-off, and the oil price plunge, said analysts. The S&P 500 finished 1.8 percent lower, pushing it into negative territory for the year.

The volatility, in what is a short trading week due to Thanksgiving, erased yearly gains for the Dow and the S&P 500, with the Nasdaq Composite on the cusp.

The technology-dominated Nasdaq, which had fallen close to 3 percent earlier and briefly into the red for the year, fell 1.7 percent, extending its losses from its late August high to almost 15 percent.

The European STOXX 600 index also advanced 1.1 percent as beaten-down stocks in the tech and banking sectors recovered.

The Dow Jones Industrial Average has lost 3.7 percent in the last two days, and the S&P 500 is off 3.4 percent. Stocks fell 2.2 percent on the Dow on Tuesday alone.

The Nasdaq is down 275.62 points, or 3.8 percent. Apple fell 4 percent and Amazon gave back 5.1 percent.

South Korea's Kospi shed 0.7 percent to 2,055.30. Home improvement company Lowe's gained 2.7 percent to $88.49 and Nike rose 1.5 percent to $72.22.

The company's same-store sales growth, which is a key metric for retailers, stood at 5.1 percent, lighter than forecast. Boeing was the biggest drag on the Dow Jones Industrial Average with a loss of 4.5 percent.

Retailers and industrial companies also dropped.

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

Apple lost 3.9 percent in midday trading Monday and Facebook gave up 5.2 percent.

Oil prices rebounded as benchmark US crude gained 2.2 per cent to $54.63 a barrel in NY. Brent crude futures rose to $63.76 a barrel, a 2 percent gain.

Bond prices fell. The yield on the 10-year Treasury note rose to 3.08 percent.

S&P 500 measures the performance of 500 widely held common stocks of large-cap US companies. Amazon rose 1.7 per cent to $1,522 and Facebook picked up 1.9 per cent to $135. Silver added 1.6 per cent to $14.50 an ounce. Germany's DAX jumped 1.6 per cent. Britain's FTSE 100 rose 1.5 per cent and the CAC 40 in France added 1 per cent.

Wholesale gasoline rose 1 per cent to $1.51 a gallon. Gold gained 0.6 per cent to $1,228 an ounce.

CURRENCIES: The dollar was flat at 112.95 yen. The euro fell to $1.1370 from $1.1453. The benchmark index is 9.9 percent below its September peak.

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