US Stocks Gain For 4th Straight Session
Fakhir Rizvi Published January 10, 2019 | 10:45 AM
New York, Jan 9 (APP - UrduPoint / Pakistan Point News - 10th Jan, 2019 ) :US stocks rose Wednesday for a fourth straight session, although gains moderated somewhat following a breakdown in talks in Washington on ending the government shutdown.
The Dow Jones Industrial Average finished up 0.4 percent at 23,879.12.
The broad-based S&P 500 climbed 0.4 percent to 2,584.96, while the tech-rich Nasdaq Composite Index advanced 0.9 percent to 6,957.08.
Wall Street has been on the upswing since Friday, when Federal Reserve Chair Jerome Powell signaled to markets that the US central bank would take a cautious approach to further interest rate hikes.
The rally has also been fueled by optimism over US-China trade talks and the sense that stocks were undervalued following a December sell-off.
Fed minutes released Wednesday had a dovish hue, noting that the US central bank "can afford to be patient" before raising again.
But gains moderated in the final 40 minutes of trading after President Donald Trump tweeted that a meeting with Democratic congressional leaders was a "total waste of time.
" Senate Democratic leader Chuck Schumer said Trump had a "temper tantrum" and "just got up and walked out." Karl Haeling of LBBW said the late-session dustup in Washington raised questions about the government's ability to "function appropriately" but noted that there were also technical factors behind the pullback after three straight up sessions.
"The stock market went up on a continued technical momentum over optimism on the trade talks," he said, adding that higher oil prices were also beneficial.
Petroleum-linked companies with big gains included Halliburton, which jumped 2.7 percent and Apache, which surged 5.1 percent.
Constellation Brands plunged 12.5 percent after its 2019 forecast missed analyst expectations due to weakness in its wine and spirits business.
Related Topics
Recent Stories
Russia targets Ukraine railways as Western aid due to arrive
Football: French Ligue 1 table
Miner Anglo American rejects BHP's near $39-billion takeover bid
115 held for selling roti at higher rate
New Zealand cricket CEO visits PSCA, expresses satisfaction over security arrang ..
NAB Lahore holds open court, promises compensations for victims
2 injured over money dispute
At least 10 people killed in Brazil fire: officials
'Transforming Punjab Agriculture' plan to help develop farm sector on modern lin ..
Chairman PRCS engages in humanitarian collaboration with ambassador of Morocco
US stocks rebound on tech earnings, London hits new record
Junta-led Burkina Faso suspends BBC, Voice of America for two weeks
More Stories From World
-
Russia targets Ukraine railways as Western aid due to arrive
4 minutes ago -
Miner Anglo American rejects BHP's near $39-billion takeover bid
16 minutes ago -
At least 10 people killed in Brazil fire: officials
12 minutes ago -
Junta-led Burkina Faso suspends BBC, Voice of America for two weeks
12 minutes ago -
Saudi to host top Arab, EU diplomats for Gaza talks: officials
16 minutes ago -
Kenya flood death toll since March climbs to 70: govt
11 minutes ago
-
US Fed's favored inflation measure accelerates in March
1 hour ago -
Kenya flood death toll since March climbs to 70: govt
1 hour ago -
Russia striking Ukraine railways to 'paralyse' army cargo: Ukraine source
1 hour ago -
French barber still trimming at 90
1 hour ago -
Russia striking Ukraine railways to 'paralyse' army cargo
1 hour ago -
UK man charged with 'Russia-backed arson plot' on Ukraine-linked targets
2 hours ago