Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

Overnight Markets: Wall Street advances as tech shares rally

Overnight Markets: Wall Street advances as tech shares rally

Wall Street advanced on Tuesday, snapping a three-day losing streak, as investors bought beaten-down social media and Internet shares.

The Dow Jones industrial average rose 10 points or 0.06%, to end at 16,256. The S&P 500 gained seven points or 0.38%, to finish at 1,852. The Nasdaq Composite added 33 points or 0.81%, to close at 4,113.

Technology stocks advanced yesterday, but the gains were capped by a decline in banking stocks.  

Amazon.com Inc (AMZN.O) was up 2.9%, Yahoo Inc (YHOO.O) gained 2.3% and LinkedIn Corp (LNKD.N) advanced 5.9%.

Financial stocks were in the spotlight as regulators finalised the rule to limit banks' reliance on debt. Under the rule, the eight biggest US banks must raise a total of about $68 billion in capital by 2018 to comply with a new rule designed to prevent another financial crisis.

Goldman Sachs Group (GS.N) fell 1.3% and JP Morgan Chase & Co (JPM.N) slipped 0.3%.

Alcoa Inc (AA.N) kicked off the earnings season after the bell on Tuesday, reporting a first-quarter loss due to a restructuring charge. But the stock jumped more than 2% in extended-hours trade.

Retailer Bed, Bath & Beyond (BBBY.O) is scheduled to report earnings on Wednesday, while banks JP Morgan Chase and Wells Fargo & Co (WFC.N) will release results on Friday.

Biotechnology stocks oscillated between gains and losses on Tuesday. Gilead Sciences Inc (GILD.O) was among the S&P 500's biggest decliners, down 3.1%.

In Asia, shares gained on Wednesday in morning trade as consumer companies advanced. Japanese equities declined after the yen rose the most since August.

The MSCI Asia Pacific excluding Japan Index gained 0.8% to 482 as of 9:43 a.m. in Hong Kong. Hang Seng Index in Hong Kong rose 0.7% and Taiwan’s Taiex index added 0.3%. South Korea’s Kospi gained 0.1% and New Zealand’s NZX 50 Index added 0.6%. Singapore’s Straits Times Index rose 0.1% and Australia’s S&P/ASX 200 Index (AS51) advanced 1%.

Japan’s Topix index slid 1.7% as the yen traded at 101.88 per dollar. The currency strengthened 1.3% yesterday to touch a three-week high.

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 Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter