Thu, 24 Oct 2019

Dow jumps more than 250 points

Oregon State News
09 Jan 2019, 09:25 GMT+10

NEW YORK, New York - U.S. stocks rose again Tuesday, extending a rally which began on Friday.

Buying seems to be back in vogue as investors and traders remain convinced China and the U.S. will work out their differences on trade.

Comments by Fed Chairman Jerome Powell on Friday too that future interest rate rises will be considred patiently, and the Fed's policy is flexible, also provided continued reassurance.

Talks between China and the U.S. on trade have been ongoing now for 3 days.

"You're seeing some negotiations happen and the market is starting to think that perhaps we'll start to see a framework evolve," Anik Sen, global head of equities at PineBridge Investments told Reuters Tuesday.

At the close of trading Tuesday the Dow Jones industrials had strengthed 256.10 points or 1.09% to 23,787.45.

The Standard and Poor's 500 added 24.72 points or 0.97% to close at 2,574.41.

The Nasdaq Composite rose 73.53 points or 1.08% to 6,897.00.

The U.S. dollar was a touch firmer, extending slight gains in the European and Asian trading sessions.

Around the New York close on Tuesday, the euro was changing hands at 1.1444.

The British pound dropped to 1.2721, while the Japanese yen skidded to 108.78.

The Swiss franc was slightly weaker at 0.9811.

The Canadian dollar was little changed as 1.3270, as was the New Zealand dollar at 0.6728.

The Australian dollar was a fraction higher at 0.7143.

In overseas markets, European equities too were on the boil.

In London, the FYTSE 100 climbed 50.72 points or 0.74% to 6,861/60.

The German Dax rose 56.17 points or 0.52% to 10,803.98.

The CAC 40 added 54.10 points or 1.15% to 4,773.27.

Stock markets in Asia were mixed on Tuesday, a day after posting strong gains on the back of the recent rallies on Wall Street.

The Australian All Ordinaries closed 38.80 points or 0.68% higher at 5,783.30.

In Tokyo, the Nikkei 225 was 165.00 points or 0.82% higher at 20,204.04.

In China, the Shanghai Composite closed down 6.63 points or 0.326% at 2,526.46.

Hong Kong's Hang Seng rose 39.75 points or 0.15% to 25,875.44.

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