US Stocks Rebound As House Approves Tax Plan
IFC Markets | Nov 17, 2017 08:25AM ET
US major stock indices rebounded on Thursday on upbeat earnings reports as the House passed the Republican tax cut plan. The dollar weakened marginally: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, ended little changed at 93.899. Dow Jones industrial average rose 0.8% to 23458.36, buoyed by steep gains in Cisco and Wal-Mart (NYSE:WMT) shares on stronger than expected earnings. TheS&P 500 gained 0.8% to 2585.64 led by telecom and consumer staples stocks. The NASDAQ Composite index jumped 1.3% to a record high 6793.29.
h3 European Stocks Recover On Positive Earnings Updates/h3
European stocks recovered on Thursday on positive earnings updates. The euro ended little changed while the British Pound climbed against the dollar on positive October retail sales report. The Stoxx Europe 600 index rose 0.8%. Germany’s DAX 30 gained 0.6% to 13047.22. France’s CAC 40 rose 0.7% lower and UK’s FTSE 100 added 0.2% to 7386.94. Indices opened mixed today.
h3 Asian Markets Up/h3
Asian stock indices are mostly higher today as market sentiment was buoyed by recovery on Wall Street overnight.Nikkei rose 0.2% to 22396.80 capped by renewed yen strength against the dollar. Chinese stocks are mixed after the central bank of China injected more money into the financial system following recent soft data: the Shanghai Composite Index is 0.5% lower while Hong Kong’s Hang Seng Index is up 0.7%. Australia’s All Ordinaries Index is up 0.2% despite weaker Australian dollar against the greenback.
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Oil futures prices are edging lower today on rising US output concerns as shale oil production increases on higher price incentives. Prices rose yesterday following a surprise build in US crude supplies and increase in domestic production to a record weekly level. Brent for January settlement fell 0.8% to end the session at $61.36 a barrel on Thursday.
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