ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Mahindra & Mahindra stock hits 52-week high as brokerages bullish on counter post Scorpio-N launch; check target prices
  • GST Council meet begins today: Know agendas of Finance Minister Nirmala Sitharaman's led two-day meeting
  • Security deposit on commercial LPG connection goes up by Rs 1050 for 19-kg cylinder; check new rates
  • Cash-starved Sri Lanka to end fuel duopoly to ease fuel shortages
  • Xiaomi 12S series set to launch with Leica cameras on July 4: Check key details here
Read in App
Business News » World News

Amazon, trade optimism power Wall Street rally for third day

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App

U.S. stocks rose for a third straight day on Tuesday and the S&P 500 touched three-week highs, once again led by Amazon and a rally in industrials on hopes that the United States and China would strike a deal to end a trade war.

The rally, sparked last Friday by a robust U.S. jobs data and dovish comments on interest rates by Federal Reserve chief Jerome Powell, has lifted the S&P <.spx> by over 9 percent from the 20-month lows hit around Christmas.

The trade talks will continue for an unscheduled third day on Wednesday, when a statement is likely to be issued. So far, officials from both sides have sounded optimistic, with President Donald Trump saying talks were going well.

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

The trade-sensitive S&P industrials sector <.splrci> rose 1.05 percent. Boeing Co jumped 3.2 percent after reporting it had delivered record 806 aircraft in 2018 and contributed most to the Dow`s rise.

But the biggest support came from the consumer discretionary sector`s <.splrct> 1.05 percent rise.

Amazon.com Inc again led the advance with a 1.7 percent rise that took its market capitalization above $800 billion, cementing its position as the most valuable U.S. company.

At 1:15 p.m. ET, the Dow Jones Industrial Average <.dji> was up 181.10 points, or 0.77 percent, at 23,712.45. The S&P 500 <.spx> was up 14.33 points, or 0.56 percent, at 2,564.02 and the Nasdaq Composite <.ixic> was up 47.73 points, or 0.70 percent, at 6,871.20.

Financials <.spsy> was the only S&P sector to log losses, led by bank stocks <.spxbk> that fell 0.91 percent as the U.S. Treasury yield curve flattened.

"What`s been notable about the last week is that even as the broader market rallied, the yield curve really hasn`t steepened much," said Christopher Verrone, partner and head of technical and macro research at Strategas in New York.

"The flattening of the curve again today is likely another macro headwind for financials, and banks in particular."

Gains in Apple Inc and Microsoft Corp pulled the technology sector <.splrct> up 0.51 percent, but the gains were limited by a drop in chip stocks after Samsung blamed its profit drop on weak chip demand.

The Philadelphia Semiconductor index <.sox> dropped 1.16 percent. Adding to the woes, Goldman Sachs forecast a tough year for chipmakers, particularly in the first half.

Among stocks, Illumina Inc slid 5.6 percent after the gene test maker gave a weak revenue forecast at the J.P. Morgan healthcare conference.

PG&E Corp
shares continued to decline, falling 11.2 percent after S&P Global Ratings stripped the California power utility of its investment-grade credit rating.

Union Pacific Corp rose 8.3 percent after the No.1 U.S. railroad named industry veteran Jim Vena as chief operating officer.

Advancing issues outnumbered decliners by a 2.42-to-1 ratio on the NYSE and a 1.87-to-1 ratio on the Nasdaq.

The S&P index recorded no new 52-week highs and one new low, while the Nasdaq recorded 23 new highs and 13 new lows.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
Updated: Wed, Jan 09, 2019
12:30 am
Reuters
RELATED NEWS
GST on online gaming, casinos, horse racing - They may be taxed like this! What Group of Ministers recommended? GST on online gaming, casinos, horse racing - They may be taxed like this! What Group of Ministers recommended?
LIVE: 47th GST Council Meeting - What happened on 1st day? What's slated for today? Latest updates from Chandigarh meet LIVE: 47th GST Council Meeting - What happened on 1st day? What's slated for today? Latest updates from Chandigarh meet
GST council clears proposal to remove tax exemptions on some items GST council clears proposal to remove tax exemptions on some items
15 more firms selected under PLI scheme for white goods 15 more firms selected under PLI scheme for white goods
JP Morgan bullish on global markets in H2; rejects possibility of recession, sees inflation receding in second half JP Morgan bullish on global markets in H2; rejects possibility of recession, sees inflation receding in second half

LATEST NEWS

GST council clears proposal to remove tax exemptions on some items

GST on online gaming, casinos, horse racing - They may be taxed like this! What Group of Ministers recommended?

Apple iPhone 14 series launch: Check latest updates - expected release date, price, specifications and more

Buy, Sell or Hold: What should investors do with Strides Pharma, MRPL and IEX shares?

Covid 19: Centre urges states to prepare strategy for upcoming festive season to control Covid-19

Brokerage sees robust gas demand at 6.1% CAGR over next 8 years; maintains buy on GAIL, MGL, Gujarat Gas and Petronet

WhatsApp update: Soon! iOS, Android users can appeal for ban revoke - Check details

IRCTC busts fake twitter handles, calls for caution

How rising crude oil prices, falling Rupee impact stock market? Anil Singhvi decodes

Crude oil prices take a breather after three-day rally

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV