Economy

Wall Street rebounds as N. Korea tensions wane

Wall Street rebounds as N. Korea tensions wane”

Stocks rallied broadly on Wall Street as investors seemed less concerned about tensions between the USA and North Korea.

Stocks rallied broadly, with technology companies and banks posting some of the biggest gains.

Among stocks, Tesla rose 1.83 percent after two brokerages raised their price targets on the stock, citing the potential success of the company's Model 3 sedan. Bank of America climbed 2.3 percent and Wells Fargo gained 1.7 percent.

The pan-European STOXX 600 index rose 0.1 percent, adding to Monday's 1.1 percent gains.

Ahead of the opening bell, futures for the Dow Jones Industrials gained 43 points, or 0.2%, to 22,020.

The dollar rose 0.6 percent to 110.26 yenJPY=, pulling away from a low of 108.72 yen set on Friday, its lowest level since April 19.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.22 percent.

Still, with joint South Korean-US military exercises scheduled and North Korea celebrating "Liberation Day" Tuesday, volatility could return to markets, analysts said. The Canadian dollar lost ground against its US counterpart on Monday as oil fell and the greenback posted broader gains, while investors awaited the start of renegotiations of the NAFTA trade pact this week. The market is bouncing back from its biggest weekly decline since March.

Technology shares were also mostly up, with Apple, Amazon and Facebook all advancing about 1.5 percent. If inflation rises to 2.7 percent, as expected, it will underline the pain being felt by households whose income is not rising as fast. Those concerns had helped to wipe out almost $1 trillion from global equity markets last week. Oil prices fell as a slowdown in Chinese refining raised concerns about demand in the world's second-biggest consumer, while an increase in USA drilling capacity could deepen a global supply glut.

Nearly 90 percent of the Standard & Poor's 500 index finished higher Monday.. But the overall financials group dipped 0.1 percent, while industrials ended down 0.8 percent as railroad stocks lost ground. At 9:16 (1915 GMT), the Canadian dollar was trading at C$1.2718 to the greenback, or 78.72 US cents, down 0.2 percent. The pound was 0.75 percent lower against the dollar at $1.2863.



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