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
  • Foreign portfolio investors' exodus continues for 9th month; withdraw Rs 50,203 cr from equity market in June - know reasons
  • Windfall tax to recoup most of Rs 1 lakh cr revenue lost in excise cuts, industry sources say
  • D-Mart Q1 revenue jumps almost 2-fold to Rs 9,806.89 cr
  • This Android malware switches off Wi-Fi and drain mobile wallet
  • North Korea says US, South Korea-Japan agreement materialises US plan for 'Asian NATO'
Read in App
Business News » World News

Global Markets: Wall Street rebounds on Fed rate cut hopes

Dow Jones Industrial Average rose 453 points to 25,273, the S&P 500 gained 50 points to 2,794 and the Nasdaq Composite added 167 points to 7,500.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Global Markets: Wall Street rebounds on Fed rate cut hopes
The tech-heavy Nasdaq`s rebound came after it confirmed a correction on Monday, having lost more than 10.3% since its record closing high on May 3. Photo: Reuters

US stocks rallied on Tuesday, with the S&P 500 set for its biggest one-day gain in five months, after Federal Reserve Chair Jerome Powell said the central bank would act "as appropriate" to address trade war risks, leaving the door open for a possible rate cut. A day after St. Louis Fed chief James Bullard said a rate cut may be warranted soon, Powell said the Fed was "closely monitoring the implications" of a trade dispute that has disrupted global markets and posed risks to growth. The last time the benchmark S&P index, last up 1.8%, had a bigger daily percentage gain was on Jan. 4, when Powell said the Fed would be patient and flexible in its interest rate path.

"When the market`s been down as much as it has been, all you need is a little bit of a spark," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.
"There is some sense from what we heard from Powell and Bullard that the Fed is thinking about making monetary policy a little easier by cutting rates."

The S&P 500 shed more than 6% in May as investors feared a global growth slowdown while trade tensions ramped up between the United States and China and the United States and Mexico. 

Nolte said investors were also encouraged after Mexican President Andres Manuel Lopez Obrador told reporters on Tuesday that he was optimistic that a deal could be reached even as U.S. President Donald Trump said he was likely to go ahead with new tariffs on all Mexican goods.

A Washington Post report that Republican lawmakers were discussing whether they may have to vote to block President Trump`s planned new tariffs on Mexico also helped sentiment. 

Earlier in the day, China`s commerce ministry said the differences and frictions with Washington should be resolved through dialogue.

At 3:08PM ET, the Dow Jones Industrial Average rose 453.59 points, or 1.83%, to 25,273.37, the S&P 500 gained 50.28 points, or 1.83%, to 2,794.73 and the Nasdaq Composite added 167.89 points, or 2.29%, to 7,500.90.

The tech-heavy Nasdaq`s rebound came after it confirmed a correction on Monday, having lost more than 10.3% since its record closing high on May 3. The S&P 500 on Tuesday was less than 6% below its intraday record high hit on May 1.

The technology sector was fuelling the S&P`s gains with a 2.8% advance, led by gains in Apple Inc and Microsoft.

Other marquee companies - Amazon.com and Google-parent Alphabet Inc also rebounded from Monday`s selloff, which was triggered by fears of heightened scrutiny from antitrust regulators. 

Rising U.S. Treasury yields boosted the S&P 500 bank index, which jumped 3.06% and was on course for its biggest one-day gain in five-months. 

Only the dividend-paying utilities and real estate sectors, typically seen as defensive bets, were in the red for the day.

The S&P 500 posted 25 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 39 new highs and 69 new lows. 

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:
Wall StreetNasdaqDow Jones
Written By: Reuters
Updated: Wed, Jun 05, 2019
07:46 am
New Delhi, Reuters
RELATED NEWS
Wall Street sees biggest intraday fall since 2020 on Fed stance; SGX Nifty hints at negative opening for Indian market, drops over 200 points Wall Street sees biggest intraday fall since 2020 on Fed stance; SGX Nifty hints at negative opening for Indian market, drops over 200 points
Wall Streets ends down, oil gains as Powell suggests aggressive Fed policy Wall Streets ends down, oil gains as Powell suggests aggressive Fed policy
Gold set for weekly gain as Ukraine, inflation lift appeal Gold set for weekly gain as Ukraine, inflation lift appeal
Stocks lose steam, bond markets suggest pain ahead for U.S. economy Stocks lose steam, bond markets suggest pain ahead for U.S. economy
Asian stocks rise as Ukraine peace talks appear to progress Asian stocks rise as Ukraine peace talks appear to progress

LATEST NEWS

North Korea says US, South Korea-Japan agreement materialises US plan for 'Asian NATO'

Maruti Suzuki looks to deploy strong hybrid tech across model range

This Android malware switches off Wi-Fi and drain mobile wallet

D-Mart Q1 revenue jumps almost 2-fold to Rs 9,806.89 cr

Foreign portfolio investors' exodus continues for 9th month; withdraw Rs 50,203 cr from equity market in June - know reasons here

Commerce Minister looking to release new foreign trade policy before September, says official

Electricity distribution companies' outstanding dues to power producers rise 4% to Rs 1.32 lakh cr in June - know details here

Windfall tax to recoup most of Rs 1 lakh cr revenue lost in excise cuts, industry sources say

HDFC Bank receives go-ahead from exchanges for amalgamation scheme with HDFC – know details

DGCA seeks reply from IndiGo as around 56% of airlines flights delayed on Saturday

  • 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