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December 15, 2017
Tuesday, October 28, 2014

Wall Street jumps 1 pct, S&P ends above key level

US stocks rose more than 1 percent, with the S&P 500 ending above its 50-day moving average for the first time in almost a month as strong earnings eased concerns about the outlook for corporate America.

The gains were broad, with all 10 primary S&P 500 sectors up on the day. Energy stocks were the day's biggest gainers, up 2.2 percent, while the Philadelphia SE Oil Service index gained 3.4 percent.

Adding to the day's positive tone was consumer confidence data, which hit its highest since 2007 in October. The report overshadowed a separate read that showed new orders for capital goods by US businesses fell the most in eight months in September.

There have been some high-profile earnings disappointments. Twitter Inc fell 9.8 percent to $43.78 after it posted a slide in a closely watched measure of engagement, even as its user base grew in the third quarter.

The Dow Jones industrial average rose 187.81 points, or 1.12 percent, to 17,005.75, the S&P 500 gained 23.42 points, or 1.19 percent, to 1,985.05 and the Nasdaq Composite added 78.36 points, or 1.75 percent, to 4,564.29.

EUROPEAN MARKETS

European shares rose, reversing the previous session's dip as better-than-expected results from a number of blue-chips including pharma group Novartis and bank UBS helped lift sentiment.

Gains in Europe were spurred by the German DAX, up 1.9 percent, and peripheral euro zone markets, with Spain's IBEX up 2 percent and Italy's FTSE MIB 2.4 percent higher.

The French CAC and Britain's FTSE gained only 0.4 percent and 0.6 percent respectively, hit by steep falls in French pharmaceutical Sanofi and UK-listed Standard Chartered Bank after they reported results that missed expectations.

In general stronger corporate reports helped the pan-European FTSEurofirst 300 rise 0.9 percent to 1,317.09.

The market has rallied over 8 percent after hitting a low for 2014 just under two weeks ago. Volatility on the Euro STOXX 50, a measure of investor caution, fell 11.3 percent on Tuesday, and has fallen over 40 percent in that fortnight.

ASIAN MARKETS

Meanwhile, Japanese stocks slipped today as investors awaited the outcome of the Federal Reserve's two-day policy meeting, but retailers bucked the trend on stronger-than-expected sales growth.

The Nikkei closed down 0.4 percent at 15,329.91 points.

Shares in Canon Inc slid 2.5 percent as its quarterly operating profit was hit by a slump in digital camera demand.

Retail giants Seven & I Holdings and Aeon Co fared better, rising 1.0 percent and 0.4 percent respectively on the back of the strongest increase in Japanese retail sales since March.

The broader Topix dipped 0.2 percent to 1,252.00 while the new JPX-Nikkei Index 400 also fell 0.2 percent to 11,393.61.

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Tags:  Stocks  shares  FTSEurofirst  Nikkei  US  Dow Jones  





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