Mon, 27 May 2019

Nasdaq leads rally on Wall Street

Lola Evans
15 May 2019, 06:25 GMT+10

NEW YORK, New York - U.S. stocks bounced back on Tuesday, a day after all the indices were heavily sold off.

Comforting remarks from U.S. President Donald Trump over trade talks with China eased fears of an all-out trade war.

Trump on Tuesday denied talks had "collapsed," and described the current impasse as "just a squabble."

Surprisingly U.S. markets bought the rhetoric and went on a buying spree, recovering some of the ground lost on Monday.

The Dow Jones Industrial Average climbed 207.19 points or 0.82% to close Tuesday at 25,532.18.

The Standard and Poor's 500 jumped 22.56 points or 0.80% to 2,834.43.

The Nasdaq Composite which had fared worst in Monday's bloodbath, did best in the recovery too. The tech-laden index rose  87.47 points or 1.14% to 7,734.49.

The U.S. dollar was slightly stronger, rising a touch against the euro to 1.1207.

The gain against the British pound was more substantive, sending sterling to 1.2909 around the New York close Tuesday.

The Japanese yen was largely unchanged at 109.61, as was the Swiss franc at 1.0090; and the Canadian dollar at 1.3464.

The Australian and New Zealand dollars were a tad weaker at 0.6943 and 0.6573 respectively.

In overseas markets, London's FTSE 100 added 1.09%.

The German Dax rose 0.97%, while the Paris-based CAC 40 appreciated by 1.50%.

In Asian markets, the Hang Seng suffered the most damage. The key Hong Kong index fell 428.22 points or 1.50% to 28,122.02.

The Shanghai Composite gave up 20.10 points  or69% to close at 2,883.61.

In Tokyo, the Nikkei 225 shed 124.05 points or 0.59% to finish at 21,067.23.

The Australian All Ords declined 54.10 points or 0.85% to 6,327.20.

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