U.S. Stocks Rally After Early Uncertainty, Close On Firm Note

RTTNews | 864 дней спустя
U.S. Stocks Rally After Early Uncertainty, Close On Firm Note

(RTTNews) - After swinging between gains and losses till a little past noon, U.S. stocks climbed higher and settled on a firm note on Tuesday.

Optimism surrounding China's reopening helped offset concerns about interest rates.

Although China's decision to reopen its businesses has raised some optimism about the growth prospects for the country's economy, reports showing a surge in Covid cases in Henan, the country's third-most populous province, fueled concerns about the dreaded infection, and rendered the mood cautious early on in the session.

San Francisco Fed president Mary Daly said she expects interest rates to rise beyond 5 percent this year. Atlanta Fed president Raphael Bostic also said interest rates need to be raised above 5 percent.

Meanwhile, Fed Chair Powell emphasized the need for the central bank to be free of political influence while it tackles high inflation. Powell noted in a speech delivered to Sweden's Riksbank that stabilizing prices requires making tough decisions that can be unpopular politically.

The major averages all ended with strong gains. The Dow ended higher by 186.45 points or 0.56 percent at 33,704.10. The S&P 500 settled at 3,919.25, up 27.16 points or 0.7 percent from the previous close. The Nasdaq climbed 106.98 points or 1.01 percent to settle at 10,742.63.

Caterpillar climbed 1.6 percent. Verizon, Visa, Goldman Sachs, Amgen, Travelers Companies, 3M, and American Express gained 1 to 1.5 percent.

Warner Bros. shares climbed more than 8 percent following a rating upgrade by Bank of America.

Shares of Bed Bath & Beyond Inc. skyrocketed more than 27 percent despite the company reporting a wider than expected fiscal third-quarter loss.

In overseas trading, Asian stocks ended on a mixed note Tuesday, with hawkish remarks from two Federal Reserve officials and fears of a coming recession weighing on markets. Investors also looked ahead to U.S. inflation data due this week.

European stocks closed lower on Tuesday as concerns about interest rate hikes resurfaced after some Fed officials said the U.S. central bank needs to raise interest rate beyond 5 percent and hold it at higher levels for a longer duration in order to rein in inflation.

read more
Euro Slips On Trump's Tariff Proposal

Euro Slips On Trump's Tariff Proposal

The euro fell against its major counterparts on Friday, as President Donald Trump proposed tariffs on imports from the European Union starting on June 1.
RTTNews | 20ч 37мин назад
Swiss Market Ends Weak On Tariff Concerns

Swiss Market Ends Weak On Tariff Concerns

After opening on a positive note and staying above the flat line till about an hour past noon, the Switzerland market tumbled on Friday, hurt by U.S. President Donald Trump's threat that imports from the European Union will face 50% tariffs from June 1st.
RTTNews | 21ч 29мин назад
European Stocks Closed Weak On Trump's Fresh Tariff Threat

European Stocks Closed Weak On Trump's Fresh Tariff Threat

European stocks closed on a weak note on Friday despite staging a fairly strong recovery past mid afternoon. After staying modestly higher till noon, the major European markets tumbled after U.S. President Donald Trump threatened to impose 50% tariffs on imports from the European Union from June 1st.
RTTNews | 21ч 45мин назад
TSX Recovers After Early Setback; Materials Stocks Move Higher

TSX Recovers After Early Setback; Materials Stocks Move Higher

After a weak start and a subsequent drop to lower levels, the Canadian market recovered well and is down just marginally a little past noon on Friday. The early setback was due to U.S. President Donald Trump's threat that 50% tariffs will be imposed on imports from the European Union beginning June 1st.
RTTNews | 22ч 54мин назад
U.S. New Home Sales Spike From Downwardly Revised Level In April

U.S. New Home Sales Spike From Downwardly Revised Level In April

The Commerce Department released a report on Friday showing new home sales in the U.S. in the month of April spiked compared to a significantly downwardly revised level in March. The report said new home sales soared by 10.9 percent to an annual rate of 743,000 in April after jumping by 2.6 percent to a downwardly revised rate of 670,000 in March.
RTTNews | 1 дней спустя
Germany Logs Stronger Growth On Tariff Threats

Germany Logs Stronger Growth On Tariff Threats

The German economy grew at a stronger-than-estimated pace in the first quarter as higher tariff threats by the U.S. administration led to the frontloading of orders for the country's goods, lifting exports and industrial production. Gross domestic product grew 0.4 percent, which was double the initial estimate of 0.2 percent, a detailed report from Destatis revealed on Friday.
RTTNews | 1 дней спустя
Bay Street Likely To Open On Negative Note On Tariff Concerns

Bay Street Likely To Open On Negative Note On Tariff Concerns

Canadian shares look headed for a weak start Friday morning as tariff concerns resurfaced after U.S. President Donald Trump threatened 50% tariffs on EU goods from June 1. Weak oil prices could hurt energy stocks and add to market's downside.
RTTNews | 1 дней спустя
FTSE Pares Early Gains, Up Marginally In Cautious Trade

FTSE Pares Early Gains, Up Marginally In Cautious Trade

U.K. stocks moved higher Friday morning, reacting to data showing a notable rise in retail sales, and survey showing strong consumer confidence. However, stocks pared gains subsequently in cautious trade and the market was up just marginally a little past noon.
RTTNews | 1 дней спустя