Left Menu
Development News Edition

US STOCKS-S&P 500 and Nasdaq set to snap six-day losing streak

Reuters | New York | Updated: 06-08-2019 23:04 IST | Created: 06-08-2019 23:01 IST
US STOCKS-S&P 500 and Nasdaq set to snap six-day losing streak
Image Credit: Public Domain Pictures

U.S. stocks rose on Tuesday as China stepped in to stabilize the yuan, soothing concerns that currencies would be the latest weapon in the long-drawn trade war, a day after Wall Street suffered their sharpest one-day percentage drops of the year.

China's overnight intervention came after the U.S. Treasury Department labeled Beijing as a currency manipulator as it let the yuan slide to a more than decade low on Monday. A steep fall in the Chinese currency had led the benchmark S&P 500 and Nasdaq record their sixth straight session of declines, losing at least 3% each in the previous session.

China's move to fix the yuan at a slightly stronger rate and White House economic adviser Larry Kudlow's comment that President Donald Trump was planning to host a Chinese delegation for further talks in September allayed fears of a further escalation in trade war. The S&P 500, still reeling from last week's shock when President Donald Trump vowed to slap a 10% tariff on a further $300 billion in Chinese imports, is 5.6% away from its all-time high hit last month.

"Both sides are at that point where they must go back and renegotiate," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh. "Yesterday's big drop off has allowed bargain hunters to find bargains."

The technology sector, which includes companies that have a big exposure to China and were at the heart of Monday's selloff, rose 0.68%. Apple Inc gained 0.8% after three days of heavy losses, while Philadelphia Semiconductor index edged 0.40% higher.

At 12:55 p.m. ET, the Dow Jones Industrial Average was up 61.05 points, or 0.24%, at 25,778.79, the S&P 500 was up 9.12 points, or 0.32%, at 2,853.86. The Nasdaq Composite was up 32.53 points, or 0.42%, at 7,758.57. Among other stocks, Take-Two Interactive Software Inc jumped 9.5% after the videogame publisher raised its full-year revenue forecast.

The materials sector dropped 1%, weighed by a more than 13% fall in scent and flavor maker International Flavors & Fragrances and fertilizer company Mosaic Co after the two companies cut their full-year earnings forecasts. Payments processor Mastercard Inc gained 2.1% after it said it would buy a majority of the corporate services businesses of Scandinavian payments group Nets for about $3.19 billion.

Walt Disney Co was up 0.8% ahead of its results after market close. Advancing issues outnumbered decliners by a 1.20-to-1 ratio on the NYSE and by a 1.03-to-1 ratio on the Nasdaq.

The S&P index recorded two new 52-week highs and 23 new lows, while the Nasdaq recorded 17 new highs and 166 new lows.

Also Read: India's Ladakh Buddhist enclave jubilant at new status but China angered



Post-COVID-19 Nigeria needs a robust Health Management Information System to handle high disease burden

Nigeria is among a few countries that conceptualised a health management information system HMIS in the early 90s but implementation has been a challenge till date. Besides COVID-19, the country has a huge burden of communicable and non-com...

Morocco COVID-19 response: A fragile health system and the deteriorating situation

Learning from its European neighbors, Morocco imposed drastic measures from the initial stages of the COVID-19 outbreak to try to contain its spread. The strategy worked for a few months but the cases have surged after mid-June. In this sit...

COVID-19: Argentina’s health system inefficiencies exaggerate flaws of health information system

You can recover from a drop in the GDP, but you cant recover from death, was the straightforward mindset of Argentinas President Alberto Fernndez and defined the countrys response to COVID-19. The South American nation imposed a strict...

Rwanda’s COVID-19 response commendable but health information system needs improvement

Rwanda is consistently working to improve its health information system from many years. However, it is primarily dependent on the collection and reporting of health data on a monthly basis. Besides, evaluation studies on Rwandas HIS publis...


Latest News

Tigers rally in 8th to top Indians after Gardenhire news

The Detroit Tigers scored four eighth-inning runs following the retirement of their manager prior to the game and downed the visiting Cleveland Indians 5-2 on Saturday. Ron Gardenhire cited health reasons for his sudden departure. He was re...

U.N. chief says no action on U.N. Iran sanctions due to 'uncertainty'

United Nations Secretary-General Antonio Guterres told the Security Council on Saturday he cannot take any action on a U.S. declaration that all U.N. sanctions on Iran had been reimposed because there would appear to be uncertainty on the i...

Fewer cases in Melbourne; Japan travel up

Australias second-largest city, Melbourne, has moved close to easing severe lockdown restrictions after recording only 14 new COVID-19 cases on Sunday. It was the second day in a row new infections fell below 30, after 21 were reported on S...

US says all UN sanctions on Iran restored, but world yawns

The Trump administration declared Saturday that all U.N. sanctions against Iran have been restored, a move most of the rest of the world rejects as illegal and sets the stage for an ugly showdown at the world body ahead of its annual Genera...

Give Feedback