Sun, 31 May 2020

U.S. stock markets defy global sell-off

By Jay Jackson, Minneapolis News.Net
11 Dec 2018, 09:13 GMT+10

NEW YORK, New York - U.S. stocks bounced back from fierce selling earlier in the day, to finish in the black, barely.

A range of issues unsettled investors. Major falls in Asia and Europe prefaced Monday's trading session, oil prices fell, and in the UK Prime Minister Theresa May had to postpone a critical vote on her proposal to exit the European Union. Apple shares however mounted a sustained recovery, which boosted technology stocks, and speculation was mounting that the Federal Reserve may slow its interest rate hike program.

At the close of trading Monday the Dow Jones industrials were ahead 34.31 points or 0.14% at 24,423.26.

The Standard and Poor's 500 gained 4.64 points or 0.18% to 2,637.72.

The Nasdaq Composite rose 51.27 points or 0.74% to 7,020.52.

"It seems we've found a temporary support at those levels. It might explain a little bit the reversal," David Joy, Ameriprise Chief Market Strategist told Reuters Thomson on Monday. "It tells me it's very short-term computer driven trading, very choppy and directionless."

The big mover on Monday was the U.S. dollar, for no apparent reason, although the uncertainty of the Brexit in Britain drove the British pound down relentlessly. At one stage the pound had fallen to 1.2506. At last call, in morning trade in Sydney on Tuesday, the pound was trading at 1.2561.

The euro fell sharply to 1.1353, while the Japanese yen weakened to 113.22. The Swiss franc fell to 0.9901 while the Canadian dollar was sharply weaker at 1.3396.

The Australian dollar fell to 0.7192, and the New Zealand dollar to 0.6870.

More Minneapolis News

Access More

Sign up for Minneapolis News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!