Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Overnight Markets: Tech stocks help Wall Street close higher

Overnight Markets: Tech stocks help Wall Street close higher

Wall Street indexes closed higher on Monday, led by technology and energy stocks as oil prices rose and investors waited for an expected US Federal Reserve rate increase later in the week.

The Dow Jones Industrial Average added 57 points, or 0.23%, to 24,386, the S&P 500 gained nine points, or 0.32%, to 2,660 and the Nasdaq Composite added 35 points, or 0.51%, to 6,875.

The Fed is scheduled to issue an interest rate policy update Wednesday. Economists expect the central bank to lift short-term rates by 0.25 of a point. That would be the third interest rate hike by the central bank this year.

Most of the 11 major S&P sectors ended higher, with the biggest boost from a 0.8% gain in information technology stocks. The S&P energy index rose 0.71% as oil prices rose after a North Sea pipeline shut for repairs.

Technology stocks received the biggest boost from Apple Inc (AAPL.O) as investors eyed a continuation of strong fundamentals in the sector. Symantec rose 4.4%. Apple went up 1.9% after the website Apple Insider said the company is delivering new iPhones to customers at a faster pace.

Solid gains by healthcare companies also helped lift the market. Allergan climbed 3%. The S&P’s financial and industrial sectors were the benchmark’s only decliners for the day with losses of around 0.2%.

Shares of Bluebird Bio (BLUE.O) closed up 17.9% following news of positive responses in an early stage myeloma study of its experimental gene-modifying immunotherapy drug co-developed with Celgene. Shares rose 1.8%.

Shares of Marathon Patent (MARA.O) rose 42.9% while Xunlei (XNET.O) climbed 29.4%. Riot Blockchain (RIOT.O) added about 45.5%.

In Asia, shares took a breather on Tuesday in morning session after three straight sessions of gains, with markets consolidating in the hope an upswing in global growth could outlast a likely hike in US borrowing costs this week.

Japan’s Topix index added 0.3%, with banks and technology companies advancing. The Nikkei 225 Stock Average was little changed at a 26-year high.

The Kospi index fell 0.5% and Australia’s S&P/ASX 200 Index was flat. Hong Kong’s Hang Seng Index rose 0.2%. The Shanghai Composite Index fell 0.1%.

 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Wealthify's Pearce: how online DFMs can build trust

Wealthify's Pearce: how online DFMs can build trust

In this video Cardiff-based Wealthify founder Michelle Pearce also discusses online DFM suitability failings and not being London-centric.

1 Comment Play Citywire Scotland: how wealth managers use new tech

Citywire Scotland: how wealth managers use new tech

We caught up with a few wealth managers at our annual event in Gleneagles to find out what technological innovations they are employing across their businesses.

1 Comment Play CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

Do not miss the first two minutes of this film as Richard Buxton shares how he has been challenged by a client for owning shares in a certain company.

Read More
Your Business: Cover Star Club

Profile: why this Brewin manager went solo before hitting 30

1 Comment Profile: why this Brewin manager went solo before hitting 30

More and more wealth managers are striking out alone, but few have the bottle to attempt this in their 20s

Wealth Manager on Twitter