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S&P 500 eyes best three-day gain since Donald Trump's election in Nov 2016

If current gains for S&P 500 hold, it would be the best three-day run since Trump's election victory in November 2016

Reuters 

Markets, Stocks, BSE, NSE
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The on Thursday headed for its best three-day rise since Donald Trump's election as technology and industrial shares bolstered a recovery on easing trade war concerns.

Shares of and Caterpillar, among the worst hit on Wednesday after retaliated with $50 billion in tariffs on U.S. goods such as soybeans, autos, and some types of aircraft, rose 1.7 percent and 3 percent.

"There is a lot of bad news on the trade front built into the market. So the ability of the equity to push significantly lower is going to be limited," said John Brady, senior vice at R.J. O'Brien & Associates in

"We're going to need brand new, bad news on trade for the equity to push lower."

Facebook, Amazon, and - collectively known as the "FANG" group - were up between 1.2 percent and 2.6 percent.

At 12:02 p.m. ET, the was 1.46 percent at 24,617.39. The gained 1.03 percent to 2,671.85 and the rose 0.92 percent to 7,106.54.

If current gains for hold, it would be the best three-day run since Trump's election victory in November 2016.

Nine of the 11 S&P sectors were higher, led by a 1.2 percent gain on the material and the

The S&P 500 index showed four new 52-week highs and one new low, while the Nasdaq recorded 47 new highs and 24 new lows.

shares gained after said the company had not seen "any meaningful impact" on usage or ad sales since the data privacy scandal.

"Zuckerberg is going to testify the next week on the issues, so probably there's some bargain hunting in FANG space," said Brady.

On Wednesday, the Dow bounced back from a 500 point fall earlier to close up about 230 points after Donald Trump's top said the administration was involved in a "negotiation" with rather than a trade war.

Economic data on Thursday showed the U.S. trade deficit increased to a near 9-1/2-year high in February, but the shortfall with narrowed sharply. While exports to China were unchanged in February, imports from the country declined 14.7 percent.

jumped 3.2 percent after Stifel upgraded to "buy", while fell 5.3 percent after started with a "sell" rating.

Advancing issues outnumbered decliners on the NYSE for a 2.76-to-1 ratio and on the Nasdaq for a 1.90-to-1 ratio.

 

First Published: Thu, April 05 2018. 22:04 IST
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