Dow, S&P 500 halt 4-session skid as Turkish lira angst takes a breather

U.S. stocks closed Tuesday’s session solidly in the green, halting a multiday tumble for the three main equity benchmarks, which advanced as Turkey’s currency slide abated, allowing investors to focus instead on a healthy domestic economy and strong corporate results.

The Dow Jones Industrial Average rose 0.5% at 25,300 (on a preliminary basis), the S&P 500 index, added 0.6% to 2,839, with all 11 sectors of the broad-based index finishing in positive territory. Both the Dow and the S&P 500 had fallen in the past four sessions.

The technology-laden Nasdaq Composite Index meanwhile, finished with a 0.7% higher at 7,871.

In corporate news, shares of Tesla Inc. ended 2.3% lower after CEO Elon Musk late Monday said in a tweet that he was working with Goldman Sachs and private-equity firm Silver Lake on the electric-car maker’s go-private plan. And shares of Shares of fashion retailer Tapestry Inc. jumped 11% after the parent of Coach and Kate Spade reported fiscal fourth-quarter earnings.

The day’s action was supported by a rebound in the Turkish lira which had fallen to a historic low against the dollar on Monday on intensifying concerns about the country’s economic health.

Source: Marketwatch

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Dow, S&P 500 aim to halt 4-session skid as investors shake off Turkish tantrum

U.S. stocks were on track to halt a multiday stumble Tuesday midday, with all three main equity benchmarks producing gains as Turkey’s currency slide abated, allowing investors to focus on a healthy domestic economy and strong corporate results.

Tuesday’s early trade has been marked by seasonally light volume which can make benchmarks prone to volatile intraday moves, market participants said.

The Dow Jones Industrial Average rose about 105 points, or 0.4%, to 25,295, with gains in shares of Walgreens Boots Alliance Inc. and Goldman Sachs Group Inc. and DowDuPont Inc. more than offsetting a decline in Travelers Cos. Inc.

Meanwhile, the S&P 500 index advanced by 16 points, or 0.6%, at 2,839, and the Nasdaq Composite Index advanced by 44 points, or 0.6%, at 7,865, after briefly slipping into negative territory.

Gains for the market were broad with nearly all of the S&P 500’s 11 sectors recording gains, led by a 1.1% rise in materials shares and a 0.7% gain in energy stocks on the back of a sharp rally in crude-oil prices .

Source: Marketwatch

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Russia, China Delay US Push for Halt of Refined Petroleum to North Korea

Russia and China have requested more time to consider a U.S. request to stop deliveries of refined petroleum products to North Korea, diplomats said Thursday.

The U.S. asked a U.N. sanctions committee last week to halt the shipments after accusing North Korea of exceeding a U.N. limit on fuel deliveries through illegal imports.

The U.S. claimed the imports go beyond the quota of 500,000 barrels per year allowed under U.N. sanctions and asked the committee to inform all U.N. member nations and the public that North Korea has violated the quota.

The U.S. also asked the committee to urge member states to exercise “enhanced vigilance” against Pyongyang’s attempts to obtain the products and to prevent ship-to-ship transfers.

The quota was among the sanctions imposed by the Security Council last December in response to North Korea’s launch of a missile North Korea said is capable of striking anywhere on the U.S. mainland.

At the June summit between U.S. President Donald Trump and North Korean leader Kim Jong Un in Singapore, Kim agreed to denuclearization. The Trump administration, however, has said sanctions will remain in place until the denuclarization process, which has yet to begin, is completed and verified.

Source : VOA

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