Wall St edges higher on oil jump, tech still soft

22 March, 2018, 02:09 | Author: Kathy Ellis
  • Dow jumps 100 as Fed meeting kicks off

Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York Thomson Reuters (Reuters) - Wall Street's main indexes opened higher on Tuesday, led by gains in financial stocks ahead of a near-certain interest rate hike by the Federal Reserve, but declines in Facebook and Oracle weighed on technology shares.

While markets are sure about the quarter-point hike, they are less confident of what the Fed signals next: three hikes this year as previously forecast by policy makers or four.

Investors were also uneasy about Washington's ability to meet a Friday deadline to avert a government shutdown and by the Trump administration's threats to impose import duties on China.

Facebook shares gained 3 percent and provided some relief to the technology sector. The S&P 500 declined 1.4 percent, with tech dropping 2.1 percent.

"It's a general pullback in risk and technology tends to have a higher impact on the market".

There was "no change to 2018 and I think that’s why you have such a muted reaction", said Aaron Kohli, an interest rate strategist at BMO Capital Markets in NY.

The Dow Jones Industrial Average .DJI rose 98.75 points, or 0.4 percent, to 24,709.66.

Trump bans Venezuela's new national cryptocurrency
US officials didn't say if or when they would reach a decision on the matter. A press official for Venezuela's Information Ministry declined to comment.

A pan-European equity index fell nearly 0.3%, its early weakness accelerating after the WSJ report on China and a tech shares index reversing an early bounce. "But if we see retaliation, and significant trade disruptions, it's a different order or magnitude, could begin to affect global growth forecasts", said Andrew Milligan, head of global strategy at Aberdeen Standard Investments.

Benchmark 10-year note yields increased to 2.936 percent, the highest since March 12, before retracing to 2.894 percent. The yield was just one basis point higher on the day at 0.59%.

Concerns over the imposition of US trade tariffs on metals and against China continue to weigh on financial markets.

Crude oil prices jumped more than 2 percent to $63 per barrel.

The US central bank has raised borrowing costs five times since late 2015.

Shares of Twitter plunged, down 10.3 percent as of 2.22pm in NY, amid concern about increased scrutiny of social media companies and a Bloomberg report that Israel's government is considering taking "legal action" against Twitter for ignoring repeated requests to remove online content that was inciting or supportive of terrorism. U.S. West Texas Intermediate (WTI) crude futures gained $1.63, or 2.6 percent, to settle at $65.17, their highest since February 2. The technological index Nasdaq Composite moved in positive territory by 0.27% to 7,364.30 points.

Recommended:

  • Venezuela Slams US President For Banning Transactions In Petro

    Venezuela Slams US President For Banning Transactions In Petro

    Trump signed an executive order Monday, forbidding any American company or person from carrying out transactions in the Petro . Venezuela's currency, the bolívar, has suffered from hyperinflation as a result of government mismanagement and U.S. sanctions.

    Aubrey O'Day Instagram: Hottest Photos Of Singer/Songwriter

    Celebrity blogger Perez Hilton reported that Trump Jr. told O'Day that "he loved her and that he wanted to be with her". The reports did not say if the alleged affair with Aubrey O'Day played any role in Trump Jr.'s divorce.
    Britain, EU agree terms for Brexit transition deal

    Britain, EU agree terms for Brexit transition deal

    The agreement must now be agreed upon by the EU's 27 member states at the European Council summit later this week. The thorny issue will, however, require further talks to be fully resolved, the two sides said.
  • Judge to hear request to block abortion law

    Judge to hear request to block abortion law

    Special assistant attorney general Paul Barnes argued the state has an interest in protecting maternal health and "unborn life". Lawyer Rob McDuff says the clinic wants a federal judge to impose a temporary restraining order by Tuesday.
    Two Women Make Sexual Abuse Claims Against Actor Steven Seagal

    Two Women Make Sexual Abuse Claims Against Actor Steven Seagal

    ER and Good Wife star Julianna Margulies said that at one hotel meeting with Seagal in the 1980s, he had brandished a gun at her. He said it was implausible that either woman ended up unaccompanied with Seagal in the ways they said they were.
    United Airlines suspends transport of pets in cargo hold

    United Airlines suspends transport of pets in cargo hold

    United said it compensated the passengers on that flight for the diversion, although it's unclear how they were compensated. He said the airline would consult independent experts in pet safety and that the airline is not ending the program.
  • Trump says he wants to meet with Putin soon

    Trump says he wants to meet with Putin soon

    Trump said they will likely get together in the not-too distant future to discuss the arms race, which Mr. Trump's comments drew significant criticism among USA politicians, including by Arizona GOP Sen.
    Whatsapp co-founder urges people to delete their Facebook account

    Whatsapp co-founder urges people to delete their Facebook account

    The app asked the users for the personal details of their Facebook friends. Aleksandr Kogan and whistleblower Christopher Wylie .
    Duterte among handful of 'strongman' leaders to congratulate Putin

    Duterte among handful of 'strongman' leaders to congratulate Putin

    Communist Party candidate Pavel Grudinin was in second with 15.6%, followed by nationalist Vladimir Zhirinovsky with 6.9%. In the town of Istra some 60 kilometres northwest of Moscow , Valeriya Ivanova, 23, and her husband also voted for Putin.
  • South Korean K-pop singers to visit Pyongyang in reciprocal visit

    South Korean K-pop singers to visit Pyongyang in reciprocal visit

    It marks the first time that a South Korean entertainer will represent the South's delegation for inter-Korean talks. It's a reciprocal gesture after North Korea sent an envoy of performers to the Pyeongchang Winter Olympics.
    South Africa's Inflation At 3-Year Low

    South Africa's Inflation At 3-Year Low

    Prices in London alone were 2.1 percent higher than a year earlier compared with a 1.8 percent rise in December. However, she expected the Consumer Price Index (CPI) inflation to average around 5.5 percent for next year.
    Cynthia Nixon announces candidacy for NY  governor

    Cynthia Nixon announces candidacy for NY governor

    Cuomo faced a stronger-than-expected primary challenge from progressive academic Zephyr Teachout in 2014. When asked earlier this month about Nixon's apparent interest in challenging him, Gov.


Popular

Wednesday morning's updated Storm Team Forecast
Daytime highs should be in the mid-50s Thursday , Friday and Saturday , with overnight lows ranging from low 30s to mid-40s. Snow is usually accompanied with heavy winds, so it is important to anticipate and plan on staying indoors when possible.

Most Japanese think PM Abe bears responsibility for scandal: polls
Outside the prime minister's office, thousands of protesters have gathered nearly every day, demanding that Abe step down. It said it gave the false information as the school operator along with the government had demanded it do so.

Stormy Daniels Tweets About Trump, Says 'I Am NOT Going Anywhere'
She took the test at the request of a U.S. magazine in a bid to discuss her alleged one-year affair with the billionaire. He said Daniels had been threatened but would not say if those threats came from anyone associated with Trump .

Former NFL Player Jonathan Martin Hit With Multiple Charges Over Instagram Post
He was soon taken into custody by police for an evaluation, and has now been formally hit with charges. Harvard-Westlake closed that day in response to a threat on social media.

Ex-Playmate Sues to Spill Beans About Trump
The suit says McDougal hired lawyer Keith Davidson in 2016, just after Trump had secured the Republican presidential nomination. She also called the agreement an illegal corporate donation from AMI to the Trump campaign that violated federal election law.

EPL: Mourinho tells Manchester United players to "grow up"
He is also right that Pep Guardiola - despite spending similar amounts - inherited a much better squad at Manchester City . The injuries and suspensions mean there will are likely to be starts for Markus Suttner , Beram Kayal and Solly March .

Katy Perry just gave Taylor Swift the biggest backhanded compliment
When I'm not scrolling through various timeline's I'm researching skin care regiments and watching the Cleveland Cavaliers. However, hinting that their ongoing feud wasn't quite dead yet, Katy continued: "I love her... as a songwriter... as well".

The highs and lows of the Wolf Pack NCAA Tournament game
Cody Martin led the way for the Wolf Pack, scoring 25 points in the comeback effort, along with seven assists and six boards. Their comeback was already epic, but it got that much better when the Titanic music was added to it.

Mohamed Salah is indescribable, says Liverpool teammate Joe Gomez
Salah was sensational in the 5-0 Premier League win at Anfield as his incredible season continued. To put that in context, it would be the highest goals tally for a 38-game Premier League season.

Turkish martyr's widow hails securing of Afrin center
A senior Kurdish official from Afrin, Hevi Mustafa, said Sunday that Kurds there "face catastrophic challenges". Residents said it appeared that YPG units had withdrawn from the city without a fight.