Stocks are making another big rebound ahead of the opening bell
18 Февраля 2018, 06:23 | Gordon Grant
FOCUS, Money: Making sense of what's happening with the stock market
It calls for $3 trillion in deficit reduction, which would include $1.7 trillion in mandatory spending cuts, while proposing to cut discretionary spending by 2 percent a year after 2019. Apple gained $6.30, or 4 percent, to $162.71 while Cisco Systems rose $1.07 to $40.60. The indexes also dipped into correction territory.
Worries about inflation set the market rout in motion last Friday, and many market watchers have been predicting a pullback after the market's relentless march higher over the past year. Yesterday, the blue chip Dow Jones Industrial Average settled more than 400 points higher. The S&P 500 energy index is down 12.7 percent over the past month. The yield on 2-year government bonds also rose to 2.077%. The Russell 2000 index of smaller-company stocks rose 0.9 percent to 1,490.98.
According to LPL Financial, it was the swiftest move from a record high to a correction in the history of the S&P 500.
All the S&P 500's major 11 sectors rose, though bond-proxy sectors real estate, utilities and telecommunications services underperformed as investors monitored rising interest rates after US 10-year Treasury yields hit a new four-year high of 2.902 earlier in the day. Technology companies and banks, some of the biggest winners on the market over the past year, are up the most. Silver lost 20 cents, or 1.2 percent, to $16.14 an ounce. United States crude traded at around $60.14, while Brent futures were around $63.64. Last week, the Dow and S&P 500 declined about 5.2% each, as the Dow posted two 1,000-point drops, while the Nasdaq fell 5.1%.
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. The Nasdaq climbed 148, or 2.1 percent, to 7,115.
Reuters has stated that the "trigger" could also be the data released by the government which showed wages rising at the fastest rate since 2009, with an annual increase of 2.9 per cent, sparking worries about inflation and higher interest rates and leading to a sharp rise in USA bond yields.
In the foreign exchange markets, the USA dollar fell against the euro after its best week against the single currency for nearly 15 months.
Advancing issues outnumbered declining ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.14-to-1 ratio favored advancers. Japan's Nikkei was closed Monday, but other indexes in Asia were holding their own.
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