International Development News
Development News Edition

Stocks rise after sell-off; yields up on comments by Fed chair

Stocks on world markets edged higher on Wednesday, following a recent sell-off on rapidly escalating China-U.S. trade tensions.

Stocks rise after sell-off; yields up on comments by Fed chair
The S&P 500 snapped a three-session losing streak. (Image Credit: Pixabay)

Stocks on world markets edged higher on Wednesday, following a recent sell-off on rapidly escalating China-U.S. trade tensions, while Treasury yields rose after the Federal Reserve chairman said the U.S. central bank should continue with a gradual pace of interest rate hikes.

Fed Chairman Jerome Powell cited a labor market that does not seem to be overly tight in advocating staying the course on rate hikes.

The S&P 500 snapped a three-session losing streak, while the Nasdaq posted a record high close, boosted by gains in Facebook Inc and Microsoft Inc.

Shares in Boeing Co, which has acted as a proxy for trade fears because it is the single largest U.S. exporter to China, rose 0.5 percent after six straight declines. The planemaker said on Wednesday it was confident that a new mid-market jet could enter service in 2025.

"Part of it might be people were selling stocks the past couple of days in order of where they see tariff priority," said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago.

The Dow Jones Industrial Average ended down slightly, a day after it erased its year-to-date gains amid President Donald Trump's latest tariff threats against Chinese goods.

The Dow Jones Industrial Average fell 42.41 points, or 0.17 percent, to 24,657.8, the S&P 500 gained 4.73 points, or 0.17 percent, to 2,767.32 and the Nasdaq Composite added 55.93 points, or 0.72 percent, to 7,781.52.

The pan-European FTSEurofirst 300 index rose 0.31 percent and MSCI's gauge of stocks across the globe gained 0.35 percent.

In the U.S. Treasury market, Powell's comments on rate hikes boosted yields.

A slew of corporate bond supply also helped drive the sell-off in Treasuries, pushing yields higher, analysts said.

Benchmark 10-year notes last fell 12/32 in price to yield 2.937 percent, from 2.893 percent late on Tuesday. Before Powell's remarks, U.S. yields had been little changed.

The U.S. dollar was steady, near an 11-month peak against a basket of major currencies, as China's signal of tolerance of a stronger yuan offset anxiety about the global trade dispute.

Before Wednesday's market open, the People's Bank of China cut the yuan's midpoint rate to 6.4586 per dollar, the weakest since Jan. 12 and much stronger than market models had suggested.

In U.S. afternoon trading, an index that tracks the dollar against the euro, yen, sterling and three other currencies was little changed at 95.090, after touching an 11-month peak of 95.299 earlier.

In commodities markets, copper prices eased again after an inventory rise highlighted healthy supplies, extending declines from Tuesday tied to trade war worries.

Copper lost 0.36 percent to $6,815.50 a tonne.

Oil prices were mixed, with U.S. crude futures supported by a drop in domestic inventories.

U.S. crude rose $1.15 to settle at $66.22 a barrel, Brent fell 34 cents to $74.74.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)



No lessons learnt, Delhi again facing haze and hazardous Air pollution

While the parliamentarians in the Rajya Sabha Upper House were engaged in allegations and counter allegations on Thursday, the pollution was rising outside which soon took the form of a haze....

How to turn the aging population productive, ADB shows the path

Mature and older workers are not necessarily unproductive, and they may perform continuously well in certain types of work, but their productivity in others may naturally decline. In addition, the scarcity of young-to-middle-aged workers co...

How music can help expectant mothers during pregnancy

Music provides pleasant ambience for all but its more important for expectant mothers as besides ensuring pleasant environment for them it also directly and indirectly influences the unborn babies. There are various scientific findings to c...

EdTech: A technical approach to flexible and cost-effective education

Its hight time for the world to go for innovative approaches like e-learning over traditional learning methods that need physical infrastructure, long-term planning, and huge investment. ...


Latest News

Soccer-Mourinho aiming to take Spurs and Kane to the next level

New Tottenham Hotspur manager Jose Mourinho wants to take the club led by England striker Harry Kane to the next level by winning trophies and said he would love to stay in the job for at least as long as his predecessor Mauricio Pochettino...

UPDATE 2-Soccer-Comeback kings Dortmund rescue 3-3 draw against Paderborn

Borussia Dortmund captain Marco Reus scored a stoppage-time equaliser as they dragged themselves back from 3-0 down to rescue a 3-3 draw against promoted Paderborn on Friday but they still suffered a dent to their Bundesliga title hopes. Th...

Steelers look to get back to business at Cincinnati

Pittsburgh quarterback Mason Rudolph is hoping for a much less eventful time on the football field when the Steelers visit the Cincinnati Bengals on Sunday. Rudolph is attempting to move on from the Nov. 14 incident in which he was conked o...

Colorado man faces new charges for plotting to bomb synagogue

An avowed white supremacist being held without bond for plotting to bomb a Colorado synagogue this month has been indicted on additional charges of attempted arson and using explosives to commit a felony, federal prosecutors said on Friday....

Give Feedback