U.S. stocks close strong, extend two-day win streak

16 February, 2018, 06:59 | Author: Salvatore Jensen
  • U.S. stocks close strong, extend two-day win streak

DowDuPont and Apple were the best-performing stocks in the Dow, advancing 3.4 percent and 4 percent, respectively. At the closing bell, the Dow Jones Industrial Average was at 23,858.90, down 4.2 percent.

The three major indexes plummeted into correction last week - a 10% drop from recent peaks - after a long and unusually stable period that helped catapult them to record highs. "Given the selloff in stocks and with a lot of brokers pushing clients to buy the dip, people are trying to position themselves ahead of the CPI figures today".

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 sentiment is that a lot has been priced in already, but I'm a bit more cautious and wouldn't be surprised to see volatility aftershocks in the coming days", Martin said.

The Nasdaq composite advanced 107.47 points to 6,981.96.

But some market analysts warned that Monday's quick rise in stock prices may be a sign that after more than a year of market calm, volatility but not necessarily optimism had re-emerged.

US stocks posted strong gains after a sharply volatile session on Tuesday, recovering from the biggest one-day declines in the Dow and S&P 500 in more than six years, while commodity prices fell. As a result, the investors have their eyes on the bond market regarding interest rates with the yields dipping during the morning trade, Tuesday.

The gains Monday came after the market slumped into a "correction" last week for the first time in two years. It earlier touched a new four-year high above 2.9%. The S&P has lost about 10 percent and $2.5 trillion in value since late January. The Trump administration has been pushing defense spending aggressively higher. The combination of corporate tax changes and overseas economic growth should keep stocks moving higher, though likely in a more volatile environment, he said.

On Wednesday, traders are expected to respond to new data on inflation when the Consumer Price Index is reported.

The Dow industrials were up 270 points, or 1.1 percent, to 24,461.

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In the commodity markets, the crude oil prices remained nearly unchanged, recovering earlier from the sharp losses of last week. The yield on the 10-year Treasury was 2.858 percent on Monday, compared with 2.829 on Friday. Natural gas slid 3 cents to $2.55 per 1,000 cubic feet. Silver lost 20 cents, or 1.2 percent, to $16.14 an ounce.

The dollar rose to 108.67 yen from 108.53 yen.

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. Copper added 5 cents, or 1.7 percent, to $3.09 a pound. The euro rose to $1.2284 from $1.2231.



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