Sunday, 27 May, 2018

Dow higher as Wall Street starts week in better mood

E-mini S&P 500 Index Weekly March E-mini S&P 500 Index
Preston Stone | 15 February, 2018, 15:21

For Chinese companies listed in the United States, shares of Chinese e-commerce giant Alibaba rose 0.44 percent to end at 177.44 US dollars on Monday, while shares of another Chinese technology company Baidu soared 2.77 percent to close at 221.64 USA dollars.

US stocks are posting solid gains Monday as technology and energy companies recover some of their recent losses.

U.S. stocks moved sharply higher in early trading Friday, recouping some of the ground lost a day earlier when indexes plummeted, deepening a weeklong sell-off that knocked the market into a "correction" for the first time in two years.

Technology and industrial companies and retailers were leading the market higher Monday.

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 Nasdaq composite gained 118 points, or 1.7 percent, to 6,992.

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.

Investor attention is focused on the question of inflation.

OIL: Benchmark U.S. crude fell 29 cents to $59.00 per barrel in electronic trading on the New York Mercantile Exchange. The S&P 500 energy index is down 12 per cent over the last month.

Rising US supply knocks oil prices for a third day
Back in 2014, USA shale production was growing so fast that it ended up crashing the market. But in thin post-close trading, US crude futures were down 34 cents at $58.95 a barrel.

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.

Benchmark U.S. crude gained 62 cents, or 1 percent, to $59.82 a barrel in NY.

"We think we're going to be volatile for a few more trading days at least, as the market sorts out what's really been going on", Rob Haworth from the U.S. Bank Wealth Management said. Disney agreed to buy Fox's movie and television studios and some cable and worldwide TV businesses in December for about $52.4 billion in stock. Brent crude, used to price worldwide oils, dropped 16 cents to $62.43 per barrel in London.

Comcast stock slipped 3 cents to $38.54 while Disney added 30 cents to $103.39.

The 10-year Treasury yield has climbed rapidly from 2.4% at the start of 2018 to about 2.86%. Heating oil fell 2 cents to $1.84 a gallon. Chipmaker Applied Materials climbed $1.42, or 3 percent, to $49.50.

The dollar rose to 108.65 yen from 108.53 yen. Inflation in particular will be of interest as it could affect expectations of more rate increases the Federal Reserve. The euro rose to $1.23 from $1.2231. Fears of more aggressive interest rate hikes were one of the triggers of last week's stock market sell-off.

Hong Kong's Hang Seng lost 0.2 percent, and Seoul's Kospi rose 0.9 percent.

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