Stock Market Open Higher, Aims to Rebound a Day After Worst Daily Drop Since Slipping Into Correction

U.S. stock benchmarks on Wednesday opened higher and on pace to bounce back from a Federal Reserve-fueled selloff after Tuesday’s congressional testimony unsettled Wall Street.

The Dow Jones Industrial Average rose 100 points, or 0.4%, to 25,515, the S&P 500 index added 12 points, or 0.4%, at 2,756. The Nasdaq Composite Index advanced 39 points, or 0.5%, at 7,367. On Tuesday, the main U.S.benchmarks registered their worst one-day drop since they officially slipped into correction territory–defined as a drop from a recent peak of at least 10%–on Feb. 8. Much of Tuesday’s decline was attributed to a reading of comments on from Fed Chairman Jerome Powell, who signaled that the economy was strengthening at a rate sufficient to warrant further rate increases in 2018.

On Wednesday, a reading of gross domestic product, a broad measure of the goods and services produced across the U.S., rose at a 2.5% seasonally and inflation-adjusted annual rate in the fourth quarter, the Commerce Department. In corporate news, investors were watching shares of Dick’s Sporting Goods Inc. after its CEO said it would stop selling assault weapons, while shares of Booking Holdings Inc. rallied after the company formerly known as Priceline Group Inc. late Tuesday reported earnings and sales above forecasts.

Source : Marketwatch

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Shanghai shares see worst month since early 2016

China stocks extended losses on Wednesday, with the benchmark Shanghai index recording its worst month since early 2016, as weak factory data rekindled worries about the country’s economic health amid fears of faster rate hikes in the United States.

For the month, Shanghai Composite Index dropped 6.4 percent, its worst monthly fall since January 2016, while CSI300 lost 5.9 percent, its biggest monthly slide since late 2016.

Growth in China’s manufacturing sector in February slowed more than expected to the weakest in over 1-1/2 years as the Lunar New Year holidays disrupted business activity and tougher pollution rules curtailed factory output.

At the close, the Shanghai Composite index was down 1 percent at 3,259.41.

The blue-chip CSI300 index was down 0.87 percent, with its financial sector sub-index lower by 1.35 percent, the consumer staples sector down 2.56 percent, the real estate index up 0.25 percent and healthcare sub-index down 0.37 percent.

The smaller Shenzhen index ended up 0.16 percent and the start-up board ChiNext Composite index was higher by 0.58 percent.

Source: Reuters

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European Stocks Little Changed After Biggest Bounce Since 2016

European stocks hold steady after rebounding from a selloff with their biggest weekly gain in 14 months.

The Stoxx Europe 600 Index adds less than 0.1% amid earnings reports. Reckitt Benckiser falls after posting its first-ever year of stagnant sales. Steel companies including ArcelorMittal, Outokumpu and Tenaris climb as the U.S. reveals recommendations to impose tariffs or quotas on imports of aluminum and steel, and China said it reserves the right to retaliate.

Source : Bloomberg

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