April 21, 2018

Stocks cap dismal month, quarter with rally

02 April 2018, 11:05 | Kenneth Drake

A street vendor sells replicas of the Wall Street Bull statue outside the New York Stock Exchange on March 26

Tech industrial stocks lead market to gains ahead of holiday weekend closed up 1.1 percent, recovering from a 4.6 percent drop after U.S. President Donald Trump criticized the online retailer via Twitter early Thursday, claiming without evidence that the company pays "little to no taxes to state & local governments".

All three major US indexes ended the day in negative territory following Tuesday's late-session tech-driven sell-off following Monday's rally as traders moved to defensive stocks after recent weeks' heightened volatility.

"People are anxious about rising interest rates". "It's a market that's really looking for the next leadership".

The S&P 500 index slipped 7.62 points, or 0.3% to 2,605, with six of its 11 main sectors ending in negative territory.

The S&P 500 and the Dow were on track to log their worst quarter in more than two years on concerns over a global trade war and interest rates hikes, as well as a selloff in technology stock's triggered by Facebook Inc's (FB.O) data scandal.

Technology companies powered us stocks to solid gains Thursday, snapping the market's two-day losing streak.

Shares of automaker Tesla TSLA.O slumped 7.7 percent, extending recent losses, following a credit downgrade and news that officials are investigating a fatal crash and fire in California.

The tech-rich Nasdaq Composite Index, after two bruising sessions, gained 114.22 points (1.64 per cent) to close the week at 7,063.45.

Fresh economic data showed the economy grew faster than previously reported in the final quarter of 2017, with consumer spending getting its biggest bump in three years.

This month, the Dow decreased 3.5 percent, the S&P fell 2.6 percent and the Nasdaq lost 2.9 percent. Core PCE, the Federal Reserve's favored gauge of inflation, rose 1.6 percent on an annualized basis, in line with economists' expectations. "But the market right now is looking past that from a valuation standpoint".

Advancing issues outnumbered decliners on the NYSE by 2,333 to 529.

Volume on US exchanges was 7.49 billion shares, compared to the 7.29 billion average over the last 20 trading days.

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