Economy

How major USA stock indexes fared Tuesday

How major USA stock indexes fared Tuesday”

Issues are rising over the fallout to the nation's economic system, as airlines in the US and elsewhere have canceled flights to China.

Facebook shares slumped 6.14 per cent after the social media company warned of slowing growth as its business matured and it reported a surge in quarterly expenses.

Hong Kong's Hang Seng dropped 2.8 percent after its markets reopened from Lunar New Year holidays.

Earnings expectations have been slowly improving for S&P 500 companies, with Refinitiv data showing a 0.7 percent rise in fourth-quarter profit, compared with a 0.6 percent decline estimated at the start of the season. Bond prices rose. The yield on the 10-year Treasury fell to 1.63 percent.

Stocks closed broadly higher on Wall Street Tuesday, reversing a big slice of the market's losses from a sharp sell-off the day before.

The gains snapped a two-day skid in the bechmark S&P 500 index driven by fears that the spread of a new virus in China could hamper global ecomomic growth.

Market sentiment was lifted after World Health Organization declared the novel coronavirus outbreak a global health emergency and expressed confidence in China's response, experts noted.

Germany's DAX lost less than 0.1 percent to 13,317.76, while the CAC 40 in Paris picked up 0.2 percent to 5,937.74. In Britain, the FTSE 100 declined 0.9% to 7,415.93.

The S&P 500 posted 46 new 52-week highs and eight new lows; the Nasdaq Composite recorded 75 new highs and 52 new lows.

The Dow Jones Industrials recovered 124.41 points to finish Thursday's session at 28,858.86. In Australia, the S&P ASX/200 declined 0.4% to 7,001.60. Shares also fell in Jakarta and Kuala Lumpur.

Despite Tuesday's rebound, the potential for still more virus-related scares remains, analysts cautioned.

Despite the rebound, the major USA indexes are still down for the week.

The Russell 2000 index of smaller company stocks slid 9.09 points, or 0.5%, to 1,649.22.

United States stocks were running at all-time highs at the start of the month. China's containment efforts began with the suspension of plane, train and bus links to Wuhan and has now expanded to 17 cities with more than 50 million people in the most far-reaching disease-control measures ever imposed.

Otherwise, it's a heavy week for corporate earnings. Caterpillar and Exxon Mobil will report results on Friday.

The Federal Reserve is also set to deliver its latest interest rate and economic policy update Wednesday.

Federal Reserve Chief Jerome Powell mentioned Wednesday that the USA economy is in good shape because the central financial institution left a key rate of interest unchanged. It lost 15 cents to settle at $53.33 a barrel on Wednesday. Brent crude oil, the global standard, gained 47 cents to $59.28 per barrel. Overnight it picked up 23 cents to close at USD58.81 a barrel.

The April gold contract was up US$11.80 at US$1,587.80 an ounce and the March copper contract was down 2.85 cents at US$2.53 a pound.

The dollar slipped to JPY109.09 from JPY109.12 on Monday. The euro fell to $1.1024 from $1.1033.



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