Fri, 18 Oct 2019

Wall Street fires up, stocks surge

By Jay Jackson, Arizona State News.Net
16 Nov 2018, 07:11 GMT+10

NEW YORK, New York – U.S. stocks bounded ahead on Thursday despite a weak opening.

A report published by The Financial Times said proposed new U.S. tariffs on Chinese imports would be delayed pending further negotiations. The report saw buyers wade into the market to buy up stocks that have been heavily discounted in recent days.

The Financial Times said U.S. Trade Representative Lighthizer had told a group of industry executives the next round of tariffs on Chinese imports would be put on hold.

"We'd be trading sideways for quite a while,but we've rallied on that headline," Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut told the Reuters Thomson news agency. "If we're stopping imposing tariffs and are talking, it's a positive."

At the close of trading Thursday, the Dow Jones industrials were  up 208.77 points or 0.83% at 25,289.27.

The Standard and Poor's 500 rose 28.62 points or 1.06% to 2,730.20.

The tech-laden Nasdaq Composite was 122.64 points or 1.72% higher at 7,259.03.

On foreign exchange markets the British pound tumbled as several ministers quit Prime Minister Theresa May's cabinet, including the Brexit secretary. The pound fell from a high of 1.3031 to a low of 1.2723. The unit recovered some ground after May held a press conference, to vow to fight on and to see the Brexit deal through.

Around the close in New York on Thursday, the euro was quoted at 1.1336. The EU currency fell sharply when news of the disarray in the British government broke, but quickly recovered.

The British pound was fetching .1.2782 and appeared to be consolidating at this level at the New York close Thursday.

The Swiss franc was changing hands at 1.0066, while the Canadian dollar firmed to 1.3184 .

The Australian dollar remained well bid throughout the pound drama, at the end being quoted at 0.7278.

The New Zealand dollar was the best performer of the day, adding to recent strength to climb to 0.6831.

On overseas markets, it was a mixed bag.

In London, the FTSE 100 shrugged off the political woes of the government and finished in positive territory, albeit by just 4.22 points, a percentage gain of 0.06%. The index closed at 7,038.01.

The German Dax dropped 58.86 points or 52% to 11,353.67.

The Paris-based CAC 40 declined 35.23 points or 70% to 5,033.62.

In Asian markets, stocks were mostly stronger.

At the close of trading Thursday in Australia, the All Ordinaries was ahead 2.90 points or 0.05% at 5,825.20.

In China, the Shanghai Composite closed up 35.93 points or 1.36% at 2,668.17.

The Hong Kong Hang Seng was in positive territory at the close trading Thursday. The key index was ahead 448.91 points or 1.75% at 26,103.34.

The only spoiler was the Nikkei 225, although its retreat was minor. The benchmark Tokyo index closed down 42.86 points or 0.20% at 21,803.62.

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