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US stocks rise again as traders do bargain hunting

In Monday morning’s trading, stocks almost rose and rose again following the weaknesses seen last week. The Dow and S & P 500 are showing strong upward movements, while the tech-heavy Nasdaq is showing a more modest rise.

In recent deals, the Dow and S & P 500 have reached session highs. The Nasdaq rose 34.91 points (0.3%) to 14,065.29, the Dow rose 487.29 points (1.5%) to 33,777.37, and the S & P 500 rose 42.90 points (1%) to 4,209.35.

The rebound on Wall Street partially reflects bargain hunting after the plunge seen last Friday lowered the Dow to its lowest closing price in more than two months.

The Dow has fallen five times in a row, down 3.4% last week, the worst week of the Best Equity Index since October last year.

Last week’s sellout arose in concern about the outlook for monetary policy, after the Federal Reserve Board’s latest forecast demanded two rate hikes in 2023.

St. Louis Fed Governor Jim Bullard told CNBC’s Squawk Box that the Fed’s first rate hike could happen soon next year.

In the future, Fed Chair Jerome Powell will testify at the House Select Subcommittee on the Coronavirus Crisis on Tuesday.

Powell will discuss the Fed’s response to the pandemic, but may also face questions about the outlook for monetary policy.

Reports on new and existing home sales, consumer durables orders, and personal income and spending may also be in the spotlight in the coming days.

Energy stocks are skyrocketing with oil prices, with crude oil delivered in July jumping from $ 1.36 a barrel to $ 73.

The Philadelphia Oil Services Index is up 3.7% and the NYSE Arca Oil Index is up 3.2%, reflecting the strength of the energy sector.

There is also considerable strength among chemical stocks, as reflected in the 2.2% surge from the S & P Chemical Sector Index. The index has bounced off its lowest closing price in more than two months.

Finance, transportation and steel stocks also showed remarkable strength on the day, recovering from their recent weaknesses.

In foreign trade, stocks market During trading on Monday, it fell almost across the Asia Pacific region. Japan’s Nikkei Stock Average plunged 3.3%, while Hong Kong’s Hang Seng Index fell 1.1%.

Meanwhile, major European markets moved upwards that day. Germany’s DAX index rose 0.8%, France’s CAC 40 index rose 0.4%, and the UK’s FTSE 100 index rose 0.3%.

In the bond market, government bonds have receded after a significant rise in government bonds in the last two sessions. After that, the yield on the benchmark 10-year bond, which moves against the price, rises by 3 basis points at 1.480 percent.

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US stocks rise again as traders do bargain hunting

Source link US stocks rise again as traders do bargain hunting

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