Strongest 2-day advance for Dow since Aug 2015

16 February, 2018, 07:01 | Author: Lora Ball
  • US stock futures gain, hinting at Monday rebound

On Tuesday, U.S. stock futures signaled towards a lower open for Wall Street, after two sessions of gains that helped investors somewhat forget about the possibility of a deeper market correction taking place.

The blue-chip index Dow Jones Industrial Average closed with increase of 408 points, while its highest daily growth was 574.26 points. The broader Standard & Poor's 500-stock index and the tech-heavy Nasdaq were both up about 1.5 percent. Energy companies got some relief as oil prices turned higher.

The fall in stocks was sparked initially by rises in bond yields, and associated concern over price growth, as USA interest rates return steadily to pre-financial crisis levels. The Dow Jones industrials climbed 400 points. The Nasdaq composite gained 107 points, or 1.6 percent, to 6,981. The S&P 500 lost 14.73 points, or 0.554593 percent, to 2,641.27. According to LPL Financial, it was the swiftest move from a record high to a correction in the history of the S&P 500. Shares of DowDuPont soared 3.40 percent and Apple climbed 4.03 percent.

Traders work on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on Wall Street on February 8, 2018 in New York. Whether the recent sell-off is a short-term hiccup or the end of the longest bull market in decades is still unclear, they said.

The Dow was up 488 points, or 2 percent, to 24,678.

Technology companies and banks, some of the biggest winners on the market over the past year, are up the most.

While investors may still be uncertain about where stocks are going, they're not rushing for cover in ultra-safe investments like bonds.

Monday's performance came as President Donald Trump's administration released a $4.4 billion infrastructure blueprint. South Korea's Kospi rose 1.1 per cent to 2,395.19.

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"My view is that the backdrop is still favorable enough", he said.

Investor attention is focused on the question of inflation.

Benchmark U.S. crude gained 9 cents to $59.29 a barrel in NY. Brent crude, used to price global oils, dropped 16 cents to $62.43 per barrel in London. General Dynamics lost $2.57, or 1.2 percent, to $209.53. Disney agreed to buy Fox's movie and television studios and some cable and global TV businesses in December for $52.4 billion.

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Crude oil prices were little changed at about $59 per barrel. The yield on the 10-year Treasury note held steady at 2.86 percent. Heating oil fell 2 cents to $1.84 a gallon. Natural gas gave up 1 cent to $2.70 per 1,000 cubic feet.

The gold prices rose because of the depreciation of the dollar. The euro rose to $1.2284 from $1.2231. Silver jumped 43 cents, or 2.7 percent, to $16.57 an ounce. Hong Kong's Hang Seng index added 1.4 per cent to 29,884.06 and the Shanghai Composite Index advanced 1.0 per cent to 3,185.86.

Germany's DAX shed 0.4 per cent to 12,239 and the CAC 40 of France fell 0.3 per cent to 5,122.

Information for this article was contributed by Renae Merle of The Washington Post; and by Marley Jay of The Associated Press. Markets in Japan were closed for a holiday.


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