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Wall Street rebounds, but European markets suffer worst week since February - business live Wall Street rebounds, but suffers worst week since March - as it happened
(35 minutes later)
Phew! After some rocky days, the New York stock market has ended the day higher.
The Dow Jones industrial average has closed 287 points higher at 25,339, a gain of 1.15%.
The wider S&P 500 has risen by 1.4%, while the Nasdaq jumped by 2.3%.
A sense of calm seems to have returned to the markets, with investors suspecting that this week’s losses have created some bargains
As Laura Kane, head of Americas thematic investing at UBS Global Wealth Management, puts it:
“Generally what we were seeing is more momentum and technology names selling off. Now buyers are coming back to say some of these are babies that were thrown out with the bath water.
“Now we’ve had the pullback, valuations look attractive.
Dow rebounds the end higher by more than 280 points, but still loses 4% for the week after big sell-off https://t.co/6O9mNUT3of pic.twitter.com/optFT26Vb5
But lets not forget what a bad few days it’s been.
The three main US stock indices have all suffered their worst week since March, with the Dow shedding 4.2%, the S&P losing 4.1% and the Nasdaq off 3.7%.
Opinion is split over whether it’s merely a healthy correction, or the start of a major sell-off.
Given Europe managed to fall again today, there may be more drama ahead.
We’ll get a better feeling next week.
Until then, goodnight! GW
S&P 500 at session high, wow. And avoided two closes below the 200 DMA.S&P 500 at session high, wow. And avoided two closes below the 200 DMA.
One of those equities up, yields up, crude up, USD up days. Not a shabby way to go into the weekend.One of those equities up, yields up, crude up, USD up days. Not a shabby way to go into the weekend.
With less than 10 minutes to go, Wall Street is on track to end firmly higher.With less than 10 minutes to go, Wall Street is on track to end firmly higher.
Traders on the floor of Wall Street look a little cheerier today, as they watched shares rise rather than slide...Traders on the floor of Wall Street look a little cheerier today, as they watched shares rise rather than slide...
Wall Street traders are licking their wounds tonight after a bruising few days, which has knocked 5% off the Dow.Wall Street traders are licking their wounds tonight after a bruising few days, which has knocked 5% off the Dow.
That sharp decline, after a series of record highs of late, is making some investors reassess the health of the markets.That sharp decline, after a series of record highs of late, is making some investors reassess the health of the markets.
But did the fall go too far? Some analysts are predicting better times ahead, at least in the short term.But did the fall go too far? Some analysts are predicting better times ahead, at least in the short term.
As Marketwatch puts it:As Marketwatch puts it:
Late-Thursday stock trading was characterized by powerful gyrations amounting to hundreds of points that took place within minutes. The Journal reported the Dow tumbled about 240 points in the final 90 minutes of trade, representing about half of Thursday’s losses.Late-Thursday stock trading was characterized by powerful gyrations amounting to hundreds of points that took place within minutes. The Journal reported the Dow tumbled about 240 points in the final 90 minutes of trade, representing about half of Thursday’s losses.
However, some technical analysts make the case that the market has reached an oversold condition, where further declines may not be justified.However, some technical analysts make the case that the market has reached an oversold condition, where further declines may not be justified.
“We’re certainly expecting a bounce in the short term,” wrote Justin Waltes, co-founder of research firm Bespoke Investment Group, in a Thursday report.“We’re certainly expecting a bounce in the short term,” wrote Justin Waltes, co-founder of research firm Bespoke Investment Group, in a Thursday report.
However, he warned that “it’s the longer term that we’re more concerned about now given the technical breakdown we’ve seen. Expect a rally soon, but don’t go loading up on cyclicals with the expectation that the pain is over once we bounce. There is likely more volatility to come in the weeks ahead.”However, he warned that “it’s the longer term that we’re more concerned about now given the technical breakdown we’ve seen. Expect a rally soon, but don’t go loading up on cyclicals with the expectation that the pain is over once we bounce. There is likely more volatility to come in the weeks ahead.”
Back in the UK, the chairman of cake and cafe chain Patisserie Valerie has dipped, deep, into his pocket to keep it afloat.Back in the UK, the chairman of cake and cafe chain Patisserie Valerie has dipped, deep, into his pocket to keep it afloat.
Entrepreneur Luke Johnson (whose future columns for the Sunday Times are eagerly awaited) is putting £20m into the company, as a loan.Entrepreneur Luke Johnson (whose future columns for the Sunday Times are eagerly awaited) is putting £20m into the company, as a loan.
This follows the alleged “fraudulent activity” revealed this week that has left the business’s future in serious doubt.This follows the alleged “fraudulent activity” revealed this week that has left the business’s future in serious doubt.
At least two of its shops closed today, and finance director Chris Martin was arrested.At least two of its shops closed today, and finance director Chris Martin was arrested.
Technology, consumer goods and basic materials companies are all pushing the Dow higher today.Technology, consumer goods and basic materials companies are all pushing the Dow higher today.
Credit card firm Visa is the top riser, up 3.6%, followed by Walgreen Boots (+3%), then three tech firms - Cisco, Microsoft and Apple all up around 2%.Credit card firm Visa is the top riser, up 3.6%, followed by Walgreen Boots (+3%), then three tech firms - Cisco, Microsoft and Apple all up around 2%.
But energy firms Chevron and Exxon are lagging, down over 1% each. That’s because the number of US oil rigs has jumped, according to new figures today, suggesting suppliers are trying to boost output.But energy firms Chevron and Exxon are lagging, down over 1% each. That’s because the number of US oil rigs has jumped, according to new figures today, suggesting suppliers are trying to boost output.
Wall Street is still managing to rally, though. Just.Wall Street is still managing to rally, though. Just.
The Dow is currently up 90 points, or 0.37%, on track for its first gain after six days of losses.The Dow is currently up 90 points, or 0.37%, on track for its first gain after six days of losses.
Tech stocks are recovering, pushing the Nasdaq up by 109 points or 1.5%.Tech stocks are recovering, pushing the Nasdaq up by 109 points or 1.5%.
European stock markets have suffered their worst week in eight months.European stock markets have suffered their worst week in eight months.
After jumping in early trading, shares dipped through the afternoon as traders became edgier again.After jumping in early trading, shares dipped through the afternoon as traders became edgier again.
Most indices have ended the day in the red, again, meaning the Stoxx 600 index of top European companies has lost 4.8% this week.Most indices have ended the day in the red, again, meaning the Stoxx 600 index of top European companies has lost 4.8% this week.
That’s the worst weekly performance sine February, when it lost 5.1%.That’s the worst weekly performance sine February, when it lost 5.1%.
Reuters says:Reuters says:
There’s “a rotten trend” in Europe, a trader complained, noting that U.S. shares have outperformed their European peers since the beginning of the year with the Trump administration’s fiscal cuts boosting earnings.There’s “a rotten trend” in Europe, a trader complained, noting that U.S. shares have outperformed their European peers since the beginning of the year with the Trump administration’s fiscal cuts boosting earnings.
Europe lags far behind the United States in terms of earnings growth, and stronger results will be critical in luring back some of the billions that have been pulled out of European stocks this year.Europe lags far behind the United States in terms of earnings growth, and stronger results will be critical in luring back some of the billions that have been pulled out of European stocks this year.
The rally in London has petered out.The rally in London has petered out.
The FTSE 100 has closed 11 points lower at 6995.91, a dip of 0.16%. That takes it to a new six-month low, and deeper into a correction.The FTSE 100 has closed 11 points lower at 6995.91, a dip of 0.16%. That takes it to a new six-month low, and deeper into a correction.
Still, it’s a rather smaller loss than on in recent days.Still, it’s a rather smaller loss than on in recent days.
The European stock market rally is running out of steam!The European stock market rally is running out of steam!
After a strong start, the major indices are heading back to earth as the closing bell approaches.After a strong start, the major indices are heading back to earth as the closing bell approaches.
The FTSE 100 is now up only 9 points, or 0.1%. Germany and France are also subsiding.The FTSE 100 is now up only 9 points, or 0.1%. Germany and France are also subsiding.
David Madden of CMC Markets thinks traders are keen to protect themselves from any more volatility on Wall Street tonight (where stocks are still higher)David Madden of CMC Markets thinks traders are keen to protect themselves from any more volatility on Wall Street tonight (where stocks are still higher)
The equity markets got off to a strong start following a mixed session in Asia, but now the gains are evaporating as we approach the close. Traders are keen to square up their books ahead of the weekend. The global equity rout originated in the US, and the moves continue to be US driven, and European dealers are keen to cash in their holdings as Wall Street still has several hours more trading left.The equity markets got off to a strong start following a mixed session in Asia, but now the gains are evaporating as we approach the close. Traders are keen to square up their books ahead of the weekend. The global equity rout originated in the US, and the moves continue to be US driven, and European dealers are keen to cash in their holdings as Wall Street still has several hours more trading left.