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.

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.

Now you can read the Jamaica Observer ePaper anytime, anywhere.



Like this

loading...
loading...

Latest


03 February 2020
Today's date is a rare palindrome
What does this mean? It has the distinction reading the same backward and forward in multiple date formats. And in America, Super Bowl Sunday and Groundhog Day were a bit higher up in most people's minds.

03 February 2020
99 smartphones create virtual traffic jam in Google Maps hack
Google uses AI to show real-time traffic on a particular road or street by checking the number of Android devices on that route. If you're unaware, Google Maps changes the color of roads into orange or red based on the traffic intensity.

03 February 2020
Robotic submarine snaps first-ever images at foundation of notorious Antarctic glacier !
Scientists refer to Thwaites as the "doomsday glacier" due to the dire implications its rapid melting could have for the planet. Scientists working in Antarctica have recently made a peculiar discovery in the vicinity of the Thwaites Glacier in Antarctica.

03 February 2020
Joaquin Phoenix used his BAFTAs speech to call out ‘systemic racism’
On Sunday 2 February, in the Royal Albert Hall, Joaquin Phoenix picked up the BAFTA for best actor for his role in the film Joker .

03 February 2020
GOP Senator Sees Path to Biden Impeachment
On Monday, the former vice president's wife, Jill Biden , suggested that neither she or Joe Biden are friends with Graham. Joni Ernst said Democratic candidate Joe Biden could face GOP-led impeachment proceedings if he's elected president.

03 February 2020
‘Angels’ suffered in culture of misogyny
Razek stepped down from the company in August and Wexner is, reportedly , looking to sell the company. She said she tried to call the police but was held by Wexner's security staff for 12 hours.

03 February 2020
No Time To Die Super Bowl Trailer Has James Bond Go Gliding
It's Daniel Craig's final outing as Agent 007 and it's also the twenty-fifth film in the franchise. In NO TIME TO DIE , Bond has left active service and is enjoying a tranquil life in Jamaica.

03 February 2020
Novak Djokovic on Kobe Bryant: "He was a mentor to me"
There were also performances by Charlie Puth and Wiz Khalifa and later an emotional speech by Lebron James . In the end, the Kansas City Chiefs came out on top as they edged out the San Francisco 49ers, 31-20 .

03 February 2020
Juul forces tobacco giant Altria to take $4.1B write-down
A major investor in leading e-cigarette-maker Juul has seen its stake in the company drop by more than two-thirds. Altria's loss in the fourth quarter was reported at $1.81 billion that translates to $1 per share.

03 February 2020
Sonny Bill Williams makes losing Super League debut with Toronto Wolfpack
Toronto will play Castleford as part of Super League's first double header at Leeds' Emerald Headingley Stadium. They wanted to play me for 20 or 30 minutes, but I felt really good and it was a great atmosphere.