Tech leads Wall St rally, crude slumps on China weakness
Removes extra number in paragraph 17
China's stimulus announcement lacking in details
Dollar index touches nine-week high
Oil prices fall on softening demand worries
Bond market closed for Columbus Day
By Stephen Culp
NEW YORK, Oct 14 (Reuters) -U.S. stocks were led higher by technology shares while crude prices dipped on Monday as investors, amid light Columbus Day trading, looked past signs of economic softness in China and girded themselves for a string of high-profile corporate earnings reports.
Megacap tech-adjacent growth stocks provided much of the upside muscle, putting the Nasdaq out front.
The S&P 500 and blue-chip Dow were both on track to reach fresh record closing highs.
"Today is obviously kind of an anomaly of a day because of the lack of economic data and the closure of the bond market," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. "Momentum is on the upside until something changes."
"The smattering of earnings so far have been pretty good," Tuz added. "We’ll see what this coming week brings."
Oil prices dipped and the dollar was flat as dour news from China stoked fears of softening global demand.
On Saturday Beijing pledged to "significantly increase" debt in its attempt to breathe life into the world's second-largest economy, but disappointed investors with its lack of detail.
This was followed on Monday by a report showing a sharp deceleration in Chinese export growth, which missed expectations by a wide margin, underscoring the need for robust stimulus.
"China is having economic difficulties," said Sam Stovall, chief investment strategist of CFRA Research in New York. "Oil prices are another indication of lack of confidence that China will be able to pull itself up by its own boot straps, primarily because the stimulus details are so sketchy."
The bond market was closed in observance of Columbus Day, and there were no earnings reports or economic data to sway investor sentiment.
That will change later in the week, with retail sales, industrial production, and housing starts/building permits, among the scheduled data releases.
High-profile earnings on tap for the rest of the week include Bank of America BAC.N, Citigroup C.N, Goldman Sachs GS.N, Morgan Stanley MS.N and Netflix NFLX.O, along with a host of healthcare and industrial names.
The Dow Jones Industrial Average .DJI rose 243.83 points, or 0.57%, to 43,107.57; the S&P 500 .SPX rose 49.73 points, or 0.86%, to 5,864.76; and the Nasdaq Composite .IXIC rose 180.48 points, or 0.99%, to 18,523.63.
European shares reached a two-week high at the close of a choppy session as investors mostly shrugged off China's stimulus plans and focused on earnings season and a European Central Bank policy meeting due later this week.
MSCI's gauge of stocks across the globe .MIWD00000PUS rose 4.72 points, or 0.55%, to 857.45.
The STOXX 600 .STOXX index rose 0.53%, while Europe's broad FTSEurofirst 300 index .FTEU3 rose 11.55 points, or 0.56%.
Emerging market stocks .MSCIEF rose 0.37 point, or 0.03%, to 1,159.93. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.02% lower, at 613.49, while Japan's Nikkei .N225 rose 224.91 points, or 0.57%, to 39,605.80.
The dollar touched a nine-week high against a basket of world currencies as the euro slipped in advance of the ECB meeting. The dollar also advanced against the yuan amid investor disappointment in Beijing's stimulus announcement.
The dollar index =USD, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.21% to 103.26, with the euro EUR= down 0.33% at $1.0901. Against the Japanese yen JPY=, the dollar strengthened 0.51% to 149.89.
Crude prices dipped as OPEC lowered its 2024 and 2025 oil demand growth view, while China's oil imports dropped for the fifth straight month.
U.S. crude CLc1 fell 2.29% to $73.83 per barrel, while Brent LCOc1 fell to $77.46 per barrel, down 2.00% on the day.
Gold backed down from a one-week high in opposition to the greenback's strength.
Spot gold XAU= fell 0.23% to $2,650.09 an ounce. U.S. gold futures GCc1 fell 0.09% to $2,655.30 an ounce.
World FX rates YTD http://tmsnrt.rs/2egbfVh
Asian stock markets https://tmsnrt.rs/2zpUAr4
Hang Seng Index https://reut.rs/3Ykzh5J
World stock indexes YTD https://reut.rs/485qCqY
Reporting by Stephen Culp; Additional reporting by Dhara Ranasinghe and Alun John in London; Editing by Andrew Heavens and Jonathan Oatis
To read Reuters Markets and Finance news, click on https://www.reuters.com/finance/markets For the state of play of Asian stock markets please click on: 0#.INDEXA
Relaterade tillgångar
Senaste nytt
Ansvarsfriskrivning: XM Group-enheter tillhandahåller sin tjänst enbart för exekvering och tillgången till vår onlinehandelsplattform, som innebär att en person kan se och/eller använda tillgängligt innehåll på eller via webbplatsen, påverkar eller utökar inte detta, vilket inte heller varit avsikten. Denna tillgång och användning omfattas alltid av i) villkor, ii) riskvarningar och iii) fullständig ansvarsfriskrivning. Detta innehåll tillhandahålls därför uteslutande som allmän information. Var framför allt medveten om att innehållet på vår onlinehandelsplattform varken utgör en uppmaning eller ett erbjudande om att ingå några transaktioner på de finansiella marknaderna. Handel på alla finansiella marknader involverar en betydande risk för ditt kapital.
Allt material som publiceras på denna sida är enbart avsett för utbildnings- eller informationssyften och innehåller inte – och ska inte heller anses innehålla – rådgivning och rekommendationer om finansiella frågor, investeringsskatt eller handel, dokumentation av våra handelskurser eller ett erbjudande om, eller en uppmaning till, en transaktion i finansiella instrument eller oönskade finansiella erbjudanden som är riktade till dig.
Tredjepartsinnehåll, liksom innehåll framtaget av XM såsom synpunkter, nyheter, forskningsrön, analyser, kurser, andra uppgifter eller länkar till tredjepartssajter som återfinns på denna webbplats, tillhandahålls i befintligt skick, som allmän marknadskommentar, och utgör ingen investeringsrådgivning. I den mån som något innehåll tolkas som investeringsforskning måste det noteras och accepteras att innehållet varken har varit avsett som oberoende investeringsforskning eller har utarbetats i enlighet med de rättsliga kraven för att främja ett sådant syfte, och därför är att betrakta som marknadskommunikation enligt tillämpliga lagar och föreskrifter. Se till så att du har läst och förstått vårt meddelande om icke-oberoende investeringsforskning och riskvarning om ovannämnda information, som finns här.
