Economy

Stocks open higher on Wall Street; China's main market dives

Stocks open higher on Wall Street; China's main market dives”

"We're searching for greater highs at the S&P 500 Indicator after the Coronavirus fears subside", explained Marc Chaikin, CEO of Chaikin Analytics, at a note.

Energy and technology shares were among the early laggards.

Visa Inc V.N fell 4.44% after its quarterly revenue missed estimates and the payments network warned of incentives hitting 2020 results.

The Dow Jones Industrial Average rose 184.83 points, or 0.65%, to 28,440.86. The Nasdaq Composite gained 39.79 points, or 0.43 per cent, to 9,190.72 at the opening bell.

The yield on the 10-year Treasury was unchanged at 1.52% while yield on the 30-year Treasury fell 0.89% to 1.997%.

"People are just looking at this as an opportunity to step in and do a little bit of buying", said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in NY.

Germany's DAX fell 0.3 per cent to 13,116 and the CAC 40 in Paris shed 0.4 per cent to 5,848 after new figures showed the country's economy shrank 0.1 per cent in the fourth quarter.

The Dow fell 600 points on Friday amid fears over the coronavirus, as the Trump administration announced increased travel restrictions to combat the crisis.

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The FTSE 100 Index opened at 7,286.01 points, up 0.00 points, or 0.00 percent. While Britain will remain in a transition period that ensures no abrupt changes to business, the moment kicks off a round of trade negotiations with the EU.

The outbreak is threatening China's economy as much of the nation shuts down.

Shares were mostly lower in Asia after the World Health Organization declared the pandemic a global emergency.

Outside of mainland China, other Asian markets were mixed. The benchmark rate climbed back to around 1.54% on Monday. It had been above $63 toward the start of the year, before the virus outbreak.

These two, along with other tech behemoths, have increasingly been driving the market as the top five stocks in the S&P 500 account for roughly 18% of the index by market value. Almost 18% of its revenue last quarter came from China.

Futures on Brent crude, the global oil benchmark, tumbled 3.9% and were also on track to enter a bear market, defined as a fall of more than 20% from a recent peak. It fell $1.19 to settle at $52.14 a barrel on Thursday. Brent crude, the worldwide standard, fell $2.17, or 3.8%, to settle at $54.45 per barrel. It dropped $1.58 to close at $58.33 a barrel overnight.

The euro dipped 0.32% at $1.106 while the pound sterling plunged 1.6% at $1.2993.

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