NEW YORK: US stocks increased the most since 2013, removed about half their December losses as energy shares jumped back and the Federal Reserve said it will show patience on the timing of interest rate increases.
The Standard & Poor’s 500 (SPX) Index rose 2 percent to 2,012.89 at 4 p.m. in New York, the most since October 2013, after plunging for three sessions. The Dow Jones Industrial Average gained 288 points, or 1.7 percent, to 17,356.87. The Russell 2000 Index of smaller companies surged 3.1 percent for its biggest increase in three years. The VIX tumbled the most since October 2013. About 9.4 billion shares changed hands on U.S. exchanges, the most since October.
“The game has really changed in terms of inflation,” Jeff Kravetz, the Phoenix-based regional investment director at US Bank’s Private Client Reserve, said by phone. “There’s heightened uncertainty in international markets. The drop in oil prices has kept the lid on inflation. The Fed has to wait to see how these two factors play out. That’s why they retained dovish language.”
In one day, the S&P 500 made up about 40 percent of the ground it lost in the seven days since touching a record 2,075.37 on Dec. 5. The index jumped back above 2,000 and its 50-day moving average of 2,002.89, levels that when breached on Dec. 15 led to amplified selling. Today’s gain lifted the gauge’s 2014 return to 8.9 percent, the 16th best among global markets this year.
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