At midday: Tech, banks lead Wall Street sharply higher

28 March, 2018, 00:43 | Author: Regina Lloyd
  • Tech, banks lead US stocks sharply higher; Dow up 650 points

It lost more than 1,400 points last week as traders anxious that trade tensions between China and the US would escalate. These losses could hardly be put down to any serious apprehension that the Fed will follow through on its hawkish forecasts, as bond yields also lost ground suggesting that fixed income traders do not believe that interest rates are going to double by the end of 2020. Investors were encouraged by signs Washington and Beijing are open to negotiating on trade.

The Standard & Poor's 500 index rose 70.29 points, or 2.7%, to 2,658.55. US stocks were poised for further solid gains following Monday's advance, with Dow futures and the broader S&P 500 futures up 0.6 percent.

On the other hand, significant weakness remains visible among gold stocks, as reflected by the 1.5 percent drop by the NYSE Arca Gold Bugs Index. The broad-based S&P 500 is up 0.2%, at 2663, at 12:41 p.m., close to flat, if not quite there.

The Dow is up 641 points or 2.72%.

The tech heavy Nasdaq index gained around 142 points to stand at 7,135. Facebook, whose shares have been hard hit recently amid heightened government scrutiny into the social media giant's collection of private user data, also declined, sliding another $8.01, or 5 percent, to $152.05. Facebook Inc. was a noticeable underperformer, ending just slightly higher after the Federal Trade Commission said it has an open, non-public probe into the company's privacy practices.

TECH WOES: Technology companies, which were big decliners last week and led Monday's market rally, racked up more losses Tuesday. Microsoft climbed $5.13, or 5.9 percent, to $92.32.

Investors are encouraged by signs that the USA and China are open to negotiating to avert a trade dispute.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.82 percent.

The 10-year Treasury yield climbed to 2.83%. Bank of America added 77 cents, or 2.7 per cent, to $29.95.

In commodities trading, crude oil futures are climbing USD0.77 to USD66.32 a barrel after falling USD0.33 to USD65.55 a barrel on Monday.

On the currency front, the USA dollar is trading at 105.80 yen compared to the 105.41 yen it fetched at the close of NY trading on Monday.

ON THE WAY OUT: Lowe's jumped 7.1 percent after the home-improvement retailer said Chairman and CEO Robert Niblock is retiring. Against the euro, the dollar is valued at $1.2408 compared to last Friday's $1.2353. The FTSE 100 index of leading British shares added 1.6 percent. In Asia, Tokyo's Nikkei 225 added 0.7 per cent, while Hong Kong's Hang Seng rose 0.7 per cent. Sydney's S&P-ASX 200 fell 0.5 per cent. Seoul's Kospi gained 0.8 per cent. India's Sensex rose 0.3 per cent. Wholesale gasoline lost 2 cents to $2.01 a gallon.


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