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US stocks end solidly higher after two down days

elean
2 minutes

NEW YORK (AFP) - Wall Street stocks rose on Thursday (Dec 2), shrugging off two straight negative sessions as markets grappled with worries over the latest coronavirus variant and the risk of a United States government shutdown. Major indexes spent most of the session in positive territory, finishing solidly higher after two straight routs. "I wouldn't read too much into today's price action," said US Bank Wealth Management chief equity strategist Terry Sandven, adding that the "market is rallying today after a period of weakness over the last couple of weeks". The Dow Jones Industrial Average finished up 1.8 per cent at 34,639.79. The broad-based S&P 500 jumped 1.4 per cent to 4,577.10, while the tech-rich Nasdaq Composite Index advanced 0.8 per cent to 15,381.32. US President Joe Biden unveiled a raft of actions designed to tamp down Covid-19, including new testing requirements for travellers. The moves come as the latest Omicron variant spreads worldwide. Mr Biden has struggled to win over sceptics of his efforts on Covid-19, including critics of policies establishing mandatory vaccinations. A group of Republicans in the Senate has threatened to derail an agreement in Congress t...

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US stocks end at records after Fed tapering decision

elean
2 minutes

NEW YORK (AFP) - Wall Street stocks finished at fresh records on Wednesday (Nov 3) following a heavily-telegraphed Federal Reserve decision to scale back its stimulus programme. For the fourth straight day, all three major indices ended at all-time highs, with the Dow Jones Industrial Average up 0.3 per cent to 36,157.58. The broad-based S&P 500 gained 0.7 per cent to finish at 4,660.57, while the tech-rich Nasdaq Composite Index jumped 1 per cent to 15,811.58. The Fed said it will begin to slow its stimulus bond purchases this month as it pointed to a solid recovery in the US economy. Fed chief Jerome Powell stuck to his view that current higher-than-expected inflation levels will come down in the second half of 2022, defending the patient stance despite inflation trends that have prompted questions about whether the US central bank has misread the situation. Major indices were in negative territory much of the day, but pushed upwards after the Fed announcement. “It’s natural to get nervous about a potential surprise,” Art Hogan, chief strategist at National Securities said of the early trading. But, “You got exactly what you expected,” he said. Earlier, data payroll service firm ...

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S&P 500, Nasdaq end at records as Wall Street rallies

elean
2 minutes

NEW YORK (AFP) - Wall Street stocks powered to fresh records on Thursday (Oct 28) behind another round of strong results that offset disappointing United States economic growth figures. The Nasdaq finished at 15,448.12, up 1.4 per cent, an all-time high, and the broad-based S&P 500 jumped 1 per cent to 4,596.42, its fourth record in the last week and half. The Dow Jones Industrial Average advanced 0.7 per cent to 35,730.48. Several leading companies surged after reporting earnings, including Ford, which jumped 8.7 per cent after results topped estimates, and Caterpillar, which gained 4.1 per cent after executives said they had passed on price increases to customers. "The market has looked through supply chain challenges and looked at the surge in growth," said National Securities chief strategist Art Hogan. He also said markets were feeling more optimistic about the prospects for major infrastructure and social spending legislation after the latest push by US President Joe Biden, who unveiled a new framework he said would have Democratic support. Strong earnings overshadowed data showing the US economy grew by just 2 per cent in the third quarter, down from the 6.7 per cent annual ...

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US stocks finish losing week on positive note

elean
2 minutes

NEW YORK (AFP) - Wall Street stocks finished a lacklustre week on a positive note on Friday (Aug 20), rallying in a wave of bargain-hunting and cutting their losses for the week. Major indices still were in the red for the week, but all 11 sectors of the S&P 500 advanced, led by technology, utilities and communications services. The market is still operating with a "buy the dip mentality," said TD Ameritrade's JJ Kinahan. "It's the same trend seen most of the year, and this time it came despite worries about Fed policy, the Delta variant and a slowdown in China." The broad-based S&P 500 gained 0.8 per cent to 4,441.67, but down 0.6 per cent for the week. The Dow Jones Industrial Average climbed 0.7 per cent to 35,120.08 while the tech-rich Nasdaq Composite Index jumped 1.2 per cent to 14,714.66. Friday's gains followed losses earlier in the week in the wake of a poor July retail sales report and the Federal Reserve's signal it likely will begin tapering stimulus this year. Among individual companies, Tesla gained 1 per cent after chief executive Elon Musk touted the electric car maker's artificial intelligence investments in a presentation on Thursday night. Shares in the company h...

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Dow ends above 35,000 for first time as US stocks hit records

elean
2 minutes

NEW YORK (AFP) - US stocks rocketed to fresh records on Friday (July 23), with the Dow finishing above 35,000 for the first time, in anticipation of more blowout earnings next week after this week's positive round of results. All three major indices finished the week at records, with the Dow Jones Industrial Average surging 0.7 per cent to close at 35,061.55. The broad-based S&P 500 jumped 1 per cent to end at 4,411.79, while the tech-rich Nasdaq Composite Index also rose 1 per cent to 14,836.99. The records marked a sharp reversal from the sentiment at the start of the week, when the Dow suffered its worst session of 2021 amid worries over rising infections of the Delta variant of the coronavirus. But Maris Ogg of Tower Bridge Advisors said many of the companies that reported this week were upbeat about the outlook and not overly worried about the Delta variant. "It's encouraging that we are making new highs in the middle of the earnings season," Ogg said, adding that the underlying demand growth in a reopening economy remains strong. Companies with especially strong gains following reports Friday included the social media companies Snap, up 23.8 per cent and Twitter, up 3.1 per c...

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Banks boost European stocks as recovery hopes grow

elean
3 minutes

BENGALURU (REUTERS) - Shares of banks and automakers lifted European shares on Monday as investors continued to move into economy-linked sectors on hopes of a solid economic rebound from the coronavirus downturn. The pan-European Stoxx 600 index gained 2.22 per cent, its best one-day performance since early November. The banking sector gained 3.73 per cent to hit a fresh one-year high. Spain's Banco de Sabadell jumped 7.1 per cent, while HSBC, Banco Santander and ING Groep rose more than 2 per cent. Automakers and insurers also rose about 3 per cent, while sectors considered bond-proxies like utilities and personal & household goods were among the laggards. "The reflationary trade is being more supportive of European stocks in general because they're not as weighted towards growth and tech that the US is," said Neil Wilson, chief market analyst at Markets.com. "You've got some progress on trade with between Europe and the US and that's good for some of the companies like Rolls-Royce." Aero engines-maker Rolls-Royce rose 7.3 per cent to top gains on UK's blue-chip FTSE 100. The European Union and the United States agreed on Friday to suspend tariffs imposed on billions of dollars of...

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S&P 500 surges in strongest one-day rise since June

elean
3 minutes

NEW YORK (REUTERS) - The S&P 500 surged on Monday (March 1) in its strongest one-day gain since June as bond markets calmed after a month-long selloff, while another Covid-19 vaccine getting US approval and fiscal stimulus bolstered expectations of a swift economic recovery. Johnson & Johnson ended up 0.5%, but off earlier highs, after it began shipping its single-dose vaccine after it became the third authorised Covid-19 vaccine in the United States over the weekend. President Joe Biden scored his first legislative win as the House of Representatives passed his $1.9 trillion coronavirus relief package early Saturday. The Bill now moves to the Senate. US bond yields eased after a swift rise last month on expectations of accelerated inflation due to bets on an economic rebound. The US 10-year treasury yield dipped to 1.449% after hitting a one-year high of 1.614%. "The sentiment is risk-on with more investors showing interest towards cyclical stocks while a positive vaccination drive and better macro numbers are hinting towards a better growth environment," said Keith Buchanan, portfolio manager at Globalt in Atlanta. Data showed US manufacturing activity increased to a three-year h...

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Meme stock mania flares up anew after GameStop shares triple

elean
3 minutes

NEW YORK (BLOOMBERG) - A flurry of buying that doubled GameStop shares on Wednesday afternoon (Feb 24) spread to a dozen other meme stocks at the centre of last month’s day trader-fueled boom and bust. GameStop jumped 104 per cent for its biggest advance since Jan. 29, when Robinhood Markets restricted trading in it and 49 other stocks at the height of the frenzy. An equally weighted Bloomberg basket of those rose more than 5 per cent, the most since late January. AMC Entertainment rallied 18 per cent to push a three-day climb toward 59 per cent. Express Inc surged 41 per cent, Naked Brand Group gained 31 per cent and Koss Corp jumped 55 per cent. The flurry of activity inflated trading volumes in the meme stocks and caused an outage on Reddit’s WallStreetBets forum, the hub of the January volatility. “It seems like the Reddit crowd is still active and when you see a bit of news like that they’re pressing again,” Keith Gangl, portfolio manager at Gradient Investments, said in a phone interview. “Though I’m not sure how that’ll last,” he added. The turbulence continued in late trading, where GameStop plunged as much as 12 per cent before rebounding to jump over 85 per cent as of 4:4...

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S&P 500, Nasdaq end at records, extending rally

elean
2 minutes

NEW YORK (AFP) - The S&P 500 and Nasdaq ended at records on Thursday (Feb 4), extending a rally fueled by good earnings, improving economic data and positive coronavirus trends. The S&P 500 gained 1.1 per cent to 3,871.74, while the tech-rich Nasdaq Composite Index jumped 1.2 per cent to 13,777.74. The Dow Jones Industrial Average was up 1.1 per cent at 31,055.86, about 130 points shy of a record. The records follow data showing a drop in new applications for jobless benefits for the third straight week, the latest in a stream of improving economic data this week. Art Hogan, chief market strategist at National Securities, said investors have also been cheered by the drop in new US coronavirus cases and an increase in vaccination rates. “We clearly are seeing fewer cases and fewer hospitalizations,” Hogan said. He also cited a calmer market environment with the ebbing of last week’s drama surrounding GameStop and other equities. Investors are increasingly confident that volatility would dent confidence in the broader stock market. However, Hogan cautioned that much stronger data – including in Friday’s jobs report – could bolster critics of President Joe Biden’s US$1.9 trillion (S$2...

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US stocks gain on better economic data

elean
2 minutes

NEW YORK (AFP) - Wall Street stocks advanced on Tuesday (Jan 5) following better-than-expected US economic data as markets monitored Georgia elections that will determine control of the US Senate. Equities shrugged off early weakness and Monday's decline to finish the session solidly higher after manufacturing data topped estimates and fourth-quarter auto sales also impressed to the upside. Petroleum-linked equities had a big day after a surprise agreement by oil exporters boosted crude prices. The Dow Jones Industrial Average gained 0.6 per cent to 30,391.60. The broad-based S&P 500 climbed 0.7 per cent to 3,726.86, while the tech-rich Nasdaq Composite Index jumped 1.0 per cent to 12,818.96. The gains came after stocks pulled back Monday on worries that a Democratic sweep of the two Georgia Senate runoffs would clear the way for tax increases and other major legislative changes. Investors are still on edge over the Georgia vote, but were encouraged by an Institute for Supply Management survey of manufacturers that topped expectations. "This is the type of news that investors love to see," said a note from economist Joel Naroff. "The economy may not be able to stand on its own just...

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Wall Street ends volatile week with gains, S&P at record

elean
2 minutes

NEW YORK (AFP) - After an unpredictable week, Wall Street finished Friday (Nov 13) on a high note, shrugging off concerns over the surge in Covid-19 cases and new pandemic restrictions that threaten to slow the US economy. The benchmark Dow Jones Industrial Average rose 1.4 per cent to close at 29,479.81. The broad-based S&P 500 also added 1.4 per cent to 3,585.15, a new record, while the tech-rich Nasdaq Composite Index climbed 1 per cent to 11,829.29. "Festering concerns regarding the implications of the persistent surge in new Covid-19 cases also had a hand in the bumpiness this week," Charles Schwab investment bank said, adding that "The earnings front continued to paint a positive picture." Dow-member Walt Disney gained 1.7 per cent after reporting its recently launched streaming television service Disney+ had hit 73 million subscribers, despite the company losing US$710 million (S$950 million) in the latest quarter. And fellow Dow member Cisco Systems jumped 7 per cent after topping earnings forecasts. Stocks that would benefit from a resumption of normal trade and travel patterns once a coronavirus vaccine becomes widespread also resumed their upward climb. Cruise line Carni...