Dow higher as Wall Street starts week in better mood
- Author: Ronnie Bowen Feb 17, 2018,
Feb 17, 2018, 23:15
The S&P 500 rose 36.45 points, or 1.39%, to 2,656.
USA stocks surged Monday, recovering some from the wreckage left by two weeks of trading that wiped out trillions of dollars in market value. The last week downturn looks more like a correction phase than a bear market.
But after a pullback briefly sent the Dow and S&P 500 into correction territory last week, retreating more than 10 per cent from their peak levels, investors Monday appeared to be trying to turn the page.
Nine of the 11 major S&P indexes rose, led by real estate.SPLRCR, up 0.54 percent. The S&P still closed 7.6 percent below its January 26 record closing high.
In company news, Shares of CSRA Inc. surged 31% after the government IT company agreed to be acquired by General Dynamics Corp.in a deal that values CSRA at around $6.68 billion. The Trump administration has been pushing defence spending aggressively higher.
By 9:54 a.m. NY time, the FTSE 100, which captures Britain's largest companies, had fallen 1.7 percent, Germany's DAX had tumbled 2.2 percent and France's CAC 40 had dropped 2.1 percent. They held up relatively well during the steep downturn over the last two weeks, a sign that investors expect shoppers to keep spending and the economy to keep growing. The Dow Jones industrials climbed 400 points. It's up 32 percent since the beginning of the year. European markets also rose.
Technology companies and banks, some of the biggest winners on the market over the past year, are up the most.
The technological Nasdaq Composite rose by 1.6% to 6,981.96 points. The Nasdaq climbed 148, or 2.1 percent, to 7,115. Brent crude, used to price global oils, advanced 43 cents to $63.22 a barrel in London.
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Markets have been on edge over the past week due to the likelihood of higher interest rates. The S&P 500 energy index is down 12.7 percent over the past month. Copper added 5 cents, or 1.7 percent, to $3.09 a pound. Comcast also reportedly had talks with Fox.
Bond prices edged higher. He also said his firm raised its 2018 forecast on the 10-year yield to a range of 3-to-3.5 percent.
High dividend companies continued to decline.
General Motors Co (NYSE:GM) slipped 1.43% to end the day at US$41.40 after announcing plans to close a plant in South Korea, which would affect 2,000 employees and result in a charge of US$850mln.
According to the Financial Times, investors are also waiting for United States inflation figures- due on Wednesday- for signs the market will settle or that more volatility is on the way.
Consequently, investors are paying close attention to the bond market, in relation to interest rates, with yields dropping during Tuesday's morning trade.
CURRENCIES: The dollar rose to 108.58 yen from 108.53 yen.