Market Overview


US stocks ended higher on Tuesday after Monday’s rally on back of better than expected corporate reports. The dollar continued the slide as investors awaited unveiling of Trump’s tax cut plans: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, ended 0.2% lower at 98.825. Dow Jones industrial average rose 1.1% to 20996.12, led by Caterpillar and McDonald shares, which added 7.9% and 5.6% respectively. The S&P 500 gained 0.6% settling at 2388.62 led by materials and energy stock, up 1.6% and 0.9% respectively. The Nasdaq index added 0.7% to 6025.49, settling above the psychological milestone of 6000.

US stocks rebounded on Monday joining the global rally after centrist Emmanuel Macron came ahead in first-round presidential elections in France relieving fears of a euroskeptic-only runoff. The dollar weakened as haven demand subsided with renewed euro optimism: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, fell 0.8% to 99.045. The Dow Jones average rose 1.1% to 20763.89, led by JP Morgan and Goldman Sachs shares, up 3.5% and 2.9% respectively. S&P 500 added 1.1% settling at 2374.15 led by financial, industrial and tech stocks, with nine of 11 main sectors recording gains. The Nasdaq composite index gained 1.2% closing at record high 5983.82.

US stocks closed lower on Wednesday as energy shares declined with a drop in oil prices. The dollar inched higher after Treasury Secretary Mnuchin’s comment President Donald Trump is “absolutely not” trying to talk down the greenback: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed up 0.3% at 99.801. The S&P 500 lost 0.2% settling at 2338.17 led by energy stocks, down 1.4% with seven of the eleven primary sectors finishing in the red. The Dow Jones industrial average fell 0.6% to 20404.49 weighed by nearly 5% drop in IBM shares after the company reported a double-digit slump in profit. But the Nasdaq index rose 0.2% closing at 5863.03.

US stocks closed lower on Tuesday off session lows after results of earnings reports of a number of major companies fell short of expectations. The dollar continued the slide : the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, ended 0.8% lower at 99.507. Dow Jones industrial average fell 0.6% to 20523.28, led by Goldman Sachs and Johnson & Johnson shares, which fell 4.7% and 3.1% respectively. The S&P 500 declined 0.3% settling at 2342.19 led by healthcare and energy stocks. The Nasdaq index lost 0.1% to 5849.47.

US stocks rebounded on Monday ending three session slide in a thin trading after Easter weekend. The dollar inched lower with the slowing of manufacturing activity in the New York area weighing on the greenback: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, edged lower 0.2% to 100.293. The Dow Jones average rose 0.9% to 20636.92, led by Boeing and JP Morgan shares. S&P 500 added 0.9% settling at 2349.01 led by financial and real estate stocks, all 11 main sectors recording gains. The Nasdaq composite index ended 0.9% higher at 5856.79.

US stocks closed lower on Thursday for the third straight day after earnings reports from major US banks came out and on geopolitical tensions over Syria and North Korea. Wells Fargo stocks lost 3.3% weighing on S&P 500 on report of a drop in mortgage banking revenue. Moreover, Berkshire Hathaway reported this week that it had cut its stake in the bank. JPMorgan stocks retreated 1.2% while Citigroup lost 0.8% despite the better than expected quarterly reports. Their reports also gave evidence of a slowdown in loan growth. Investors were disappointed by the earnings from the banks as they expected Q1 earnings to improve. Geopolitical tensions in Syria and North Korea made investors seek safe-haven assets. More uncertainty came with the news the US dropped a bomb in Afghanistan on Thursday. US dollar index, a measure of a greenback’s value against a basket of six major currencies, advanced 0.5% after the 0.6% decline on Wednesday following the Trump’s words that the US dollar was overestimated. The Dow Jones Industrial Average slipped 0.67% to 20,453.25 and the Nasdaq Composite retreated 0.53% to 5,805.15. The S&P 500 dipped 0.68% to 2,328.95. The benchmark has advanced 8.9% since the US presidential elections in November on Trump’s promises on tax cuts and massive infrastructure spending. The S&P 500 banks index slid on Thursday to the lowest since early December while the S&P 500 financial index fell 1.3% on its 5th straight day of losses. The bottom performer was the energy sector which slumped 1.8%. The technologies lost 0.4% having showed the longest losing streak since May 2012. Wall Street will be closed on Good Friday holiday on Friday.

US stocks retreated on Wednesday as investor confidence was undermined by lingering geopolitical tensions. The dollar continued weakening with President Trump’s remark the dollar is getting too strong putting additional pressure on greenback: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed down 0.6% at 100.127. The S&P 500 lost 0.4% settling at 2344.93 led by industrial and materials stocks, with seven of the eleven primary sectors finishing in the red. The Dow Jones industrial average fell 0.3% to 20591.86 weighed by losses in Caterpillar and Boeing shares. The Nasdaq index dropped 0.5% closing at 5836.16.

US stocks closed lower on Tuesday as investors shied away from risky assets with no resolution in rising geopolitical tensions over North Korea and Syria in sight. The dollar continued weakening : the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, ended 0.3% lower at 100.706. Dow Jones industrial average slipped less than 0.1% to 20651.44. The S&P 500 declined 0.1% settling at 2353.78 led by technology and financial stocks. The Nasdaq index lost 0.2% to 5866.77.

US stock indices closed marginally higher on Monday led by energy stocks as investors were cautious to make big bets ahead of earnings season. The dollar inched lower pulling back after a rally following rising geopolitical tensions as US struck a Syrian air base : the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, edged lower 0.1% to 101.014. The Dow Jones average rose 1.92 points to 20658.02 paring earlier losses, led by Caterpillar and Traverels shares. S&P 500 ended up 1.62 points to 2357.16 with energy and real estate stocks leading the advancers, up 0.8% and 0.7% respectively. The Nasdaq composite index added 3.11 points to 5880.93.

US stock indices retreated on Wednesday after release of hawkish March Fed meeting minutes. The dollar strengthened as minutes revealed Federal Reserve plans to reduce its $4.5 trillion balance sheet later this year: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed up 0.02% at 100.516. The S&P 500 lost 0.3% settling at 2352.92 led by financial and telecom stocks, with nine of the eleven primary sectors finishing in the red. The Dow Jones industrial average fell 0.2% to 20648.15 weighed by losses in JP Morgan and Cisco shares. The Nasdaq index dropped 0.6% closing at 5864.48.

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