Tuesday, 25 September, 2018

Tech, banks lead U.S. stocks sharply higher; Dow up 650 points

Dow jumps up as trade war fears cool Dow jumps up as trade war fears cool
Lindsey Cook | 28 March, 2018, 01:42

But if you really want to know where the market is, take a look at the Russell 3000, which contains most, if not all USA stocks.

CHINA FACTOR: The fears of worsening trade tensions eased after China's government said it is open to negotiating with Washington.

The S&P 500's tech sector was the dog of the day, suffering a 3.4 percent loss, the worst of the index's 11 major segments. Natural gas rose 7 cents, or 2.8 percent, to $2.69 per 1,000 cubic feet.

The yield on the 10-year Treasury rose to 2.85 percent from 2.81 percent late Friday.

THE QUOTE: "While we caution that markets appeared to be lurching toward the "hopeful" end of "cautiously hopeful, ' we sympathize with the 'half-full" gambits emerging", says Vishnu Varathan of Mizuho Bank in Singapore of the reaction to the possible U.S.

Meanwhile, a top trade negotiator for South Korea said Monday that the nation has agreed to further open its auto market to the United States as the two countries prepare to amend their six-year-old trade agreement. The Nasdaq Composite (IXIC - 7,008.81) shed 211.7 points, or 2.9%. The Dow shed 1,100 points in the last two trading days of last week. The Russell 2000 index of smaller-company stocks picked up 33.63 points, or 2.2 percent, to 1,543.72.

Technology companies accounted for much of the broad rally, which powered the Dow Jones industrial average to a gain of almost 670 points. Microsoft rose 61 cents, or 0.7 percent, to $94.39.

Facebook fell another 2.9 per cent after the Federal Trade Commission said it was investigating the company's privacy practices.

More news: Cambridge Analytica whistle-blower says he believes Congress was client in India
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China in turn signaled that it was going to tax some USA goods sold in that country. The Dow lost more than 1,400 points last week and is still down slightly for the year.

The S&P 500 rose 27 points, or 1.1 per cent, to 2,615.

The Australian dollar had fallen 0.9 per cent to 76.75 United States cents at 7:30am AEDT.

Stocks are surging in early trading on Wall Street as the market makes up some of its huge losses from last week.

Microsoft was the biggest gainer in the 30-company Dow and the Standard & Poor's 500 index, climbing almost 8 percent.

Traders are hoping that negotiations between China and the US will ease tensions over trade. Microsoft jumped 5.4 per cent.

The Dow's gain of 2.8% was its biggest since August 2015. The S&P 500 was up 2.72 percent at 2,658.57. The Nasdaq climbed 143 points, or 2.1 per cent, to 7,136.

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