Wall St shines as investors weigh back into stocks

NEW YORK, New York – Wall Street bounced higher on Thursday in line with a significant spike up in stocks across the globe.

The rally came as a welcome relief to a week-long downturn precipitated by a sharp deterioration in the relationship between the world’s sole superpower the United States, and an emerging contender China.

“The overnight action was positive. That, along with the bounce back yesterday, gave us a nice tailwind coming into the market today, both for high-frequency traders who were buying the trend and also for bargain hunters who had seen stocks that were on the watchlist come down to a level that looked attractive,” Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama told the Reuters Thomson news agency.

“So we’ve seen a lot of the tech names pop after they got hammered.”

The Nasdaq Composite rose 176.33 points, or 2.24%, to 8,039.16, notching up the best percentage gain of the major indices.

The Dow Jones Industrial Average climbed 371.12 points, or 1.43%, to 26,378.19.

The Standard and Poor’s 500 added 54.11 points, or 1.88%, to 2,938.09.

The U.S. dollar roared, sending the euro down back down below 1.1200, to 1.1186.

The British pound eased to 1.2142.

The Japanese yen and Swiss franc strengthgened to 105.80 and 0.9740 respectively.

The Canadian dollar gained to 1.3235. The Australian dollar was slightly higher at 0.6799, while the New Zealand dollar was little changed at 0.6487.

Overseas equity markets were sharply higher. London’s FTSE 100 bounced 1.21% higher. The German Dax appreciated by 1.68%, while in Paris, the CAC 40 added 2.31%.

On Asian markets, stocks iwere higher across the board on Thursday, a welcome correctiion for investors who have seen the value of their portfolios plummet over the past week.

Chinese authorities adjusted the yuan rate higher which also took a little heat out of the intensifying hostilities between the U.S. and China over trade.

The Shanghai Composite, China’s leading stock index rose 25.87 points or 0.93% to 2,794.55.

In Hong Kong, the Hang Seng advanced 123.74 points or 0.48% to 26,120.77.

Japan’s Nikkei 225 jumped 76.79 points or 0.37% to 20,593.35.

The Australian All Ordinaries rose 53.80 points or 0.82% to 6,642.30.

Published at Thu, 08 Aug 2019 23:11:24 +0000

Source: Wall St shines as investors weigh back into stocks.

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