Economy

Stocks open higher on Wall Street after 2 days of big losses

Stocks open higher on Wall Street after 2 days of big losses

World stock markets climbed on Wednesday, with earnings and gains in tech stocks lifting shares on Wall Street, and oil rebounded from a steep sell-off as USA government data pointed to strong demand.

At the close, the Dow Jones industrial average, which was down nearly 600 points at its low, was 552 points lower at 24,466 and trading 1 percent below where it finished in 2017. The combined loss of around $495 billion for those two companies is greater than the value of all but five S&P 500 stocks. The U.S. stock market opens at 9:30 a.m. EDT on Wednesday, Nov. 21.

Wall Street stocks suffered a second consecutive battering on Tuesday, with weakness in the technology sector spreading to other areas, especially energy and retail. The S&P 500 finished 1.8 percent lower, pushing it into negative territory for the year. Eastern time. The Dow Jones Industrial Average rose 179 points, or 0.7 percent, to 24,645. Adobe rose 3.4 percent to $227.14 and Salesforce.com gained 3.3 percent to $124.70.

The Nasdaq lost 119 points, or 1.7 percent, to 6,908.

Katie Nixon, the chief investment officer for Northern Trust Wealth Management, said investors have been selling tech stocks because of signs that trade tensions between the US and China are getting worse instead of improving.

He's an honest guy - Djokovic defends Zverev after Finals controversy
Later, Djokovic told reporters: "There's a lot of similarities in terms of trajectory of professional tennis , in our careers". But at 4-4 he wavered as he yanked an edgy forehand halfway up the net to give Zverev the chance to serve for the set.

The Nasdaq is up 5.43 points, or 0.1 percent. Industrial companies are also dropping as the downward momentum in stocks carries into a second day.

Big technology and internet companies came under heavy selling pressure again, leading to broad losses across the stock market.

U.S-CHINA TRADE: U.S. President Donald Trump and his Chinese counterpart Xi Jinping will meet at the Group of 20 summit in Argentina next week.

In addition to the tech rebound, US stocks also found support from speculation that the Federal Reserve could ease up on its path of interest-rate hikes, said Chad Morganlander, senior portfolio manager at Washington Crossing Advisors in Florham Park, New Jersey.

Target skidded 10.2 percent to $69.27 after it said its growing investments in its online business and in stores are bringing in shoppers, but are affecting its profits. It was the worst start of a Thanksgiving week since 2011 for the Dow and the S&P 500 and since 2000 for the Nasdaq, according to Dow Jones Market Data. Brent crude, the global standard, lost 2 cents to $62.58.

Renault keeps Ghosn as CEO despite arrest in Japan
Ghosn and Kelly's current locations are not now known, but they can be held without charge for up to 23 days under Japanese law. So far the French government, which is Renault's largest shareholder, is reserving judgment on Ghosn.

Amazon and Netflix fell more modestly, while Google parent Alphabet and Facebook advanced modestly in apparent bargain hunting.

In tech sector, shares of Apple plunged 4.78 percent on Tuesday.

Apple sank another 3.6 percent in early trading Tuesday and Microsoft gave up 3.3 percent.

The frenzied selling followed big losses Monday, when the Dow shed almost 400 points.

The losses came after benchmark United States oil prices slid 6.6% to US$53.43 (RM223.84) per barrel, the lowest level in more than a year, amid worries over excess supply.

China relations 'turned around' during Duterte's term: Xi
The oil and gas deal will be beneficial for stocks with stakes in oil and gas, said BPI Securities head of active advisory group Tristan Valerio.

In Asia, Japan's benchmark Nikkei 225 dropped 0.4 per cent and the Kospi in South Korea was down 0.3 per cent. Hong Kong's Hang Seng index rose 0.5 per cent. Brent crude, used to price global oils, fell 24 cents to $66.55 per barrel in London.


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