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Wednesday, June 8, 2016

Wall Street climbs for third day as dollar weakens

US stocks rose for a third straight session on Wednesday as declines in the dollar lifted some commodity-related shares and boosted the outlook for multinationals.

The Dow was again trading above the psychologically key 18,000 level. It briefly rose above that level on Tuesday for the first time since April.

The day's gains put the S&P 500 within about 16 points of its all-time intraday high of 2134.72.

The S&P 500 materials index climbed 0.8 percent following gains in copper and gold prices. Energy shares were lower despite gains in oil prices.

Helping sentiment was a weaker dollar, which tends to benefit US multinationals with a high percentage of overseas sales.

"The weaker dollar and strength in commodity names is certainly helping to fuel the market's strength," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. "Multinational companies are all benefiting and helping to drag the market higher."

The Dow Jones industrial average was up 57.02 points, or 0.32 percent, to 17,995.3, the S&P 500 gained 5.95 points, or 0.28 percent, to 2,118.08 and the Nasdaq Composite added 11.44 points, or 0.23 percent, to 4,973.19.

In Europe, shares fell after two straight days of gains, as a drop in Italian bank UniCredit and Austrian bank Erste knocked financial stocks.

Mixed Chinese economic data, along with a decision by the World Bank to slash its 2016 global economic growth forecast, also gave some traders a reason to take a negative view on the outlook for stock markets.

"The Chinese export figures looked a bit disappointing, and the World Bank's cut to its forecasts is another reason to be a bit bearish on the markets," Berkeley Futures' associate director, Richard Griffiths, said.

The pan-European STOXX 600 and FTSEurofirst 300 indexes both ended down 0.5 percent.

Earlier, Japan's Nikkei share average rose in choppy trade, erasing its earlier losses after China's relatively benign trade data offset investor nerves over the strong yen.

The Nikkei rose 0.9 percent to 16,830.92 after earlier traversing positive and negative territory.

The broader Topix gained 0.8 percent to 1,350.97 and the JPX-Nikkei Index 400 added 0.8 percent to 12,174.51.

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Tags:  stock  world  wall street  Europe  shares  Nikkei  





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