Wealth Manager - Essential news for investment professionals

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Overnight Markets: Wall Street rebounds on strong consumer confidence data

Overnight Markets: Wall Street rebounds on strong consumer confidence data

Wall Street rebounded on Tuesday as a strong read on consumer confidence increased optimism about the economy and the hard-hit biotechnology sector regained its momentum.

The Dow Jones industrial average rose 91 points, or 0.56%, to close at 16,368. The Standard & Poor's 500 Index gained eight points, or 0.44%, to finish at 1,866. The Nasdaq Composite Index advanced eight points, or 0.19%, to end at 4,234.

Economic data showed consumer confidence increased more than expected in March, surging to its highest level since January 2008.

Investors also watched global issues cautiously. On Monday, major stock indexes declined amid concerns that the crisis in Ukraine could escalate.

In the latest on the housing market, US single-family home prices increased slightly more than expected in January, according to the S&P/Case-Shiller composite index of 20 metropolitan areas, while new home sales declined more than expected in February.

Biotech shares reversed earlier losses, including Regeneron Pharma (REGN.O), ending 0.8% higher, and Gilead Sciences Inc (GILD.O), up 1.3%. Alexion Pharma (ALXN.O) ended 2.2% higher.

Walgreen Co. climbed 3.3% after the owner of pharmacies said it plans to close 76 drugstores in the second half of fiscal 2014.

Netflix (NFLX.O) was down 2.1% after declining for 14 of the past 15 sessions, falling almost 19% over that stretch.

Freeport-McMoRan Copper & Gold Inc. rose 1.5% as copper prices increased. Carnival Corp. slid 5% after it narrowed its full-year profit forecast.

IBM, the world’s largest computer-services provider, advanced 3.6%. Cisco, the world’s biggest maker of network routers and switches, gained 3.6%. J&J, a health-care products company, rose 2.3%.

In Asia, shares gained on Wednesday in late morning trade after US consumer confidence climbed to a six-year high, buoying investor optimism about the outlook for the world’s biggest economy.

The MSCI Asia Pacific Index added 0.8% to 135 as of 10:56 a.m. in Tokyo. Hong Kong’s Hang Seng Index gained 1%, while the Hang Seng China Enterprises Index of mainland shares traded in the city rose 1.5%. The Shanghai Composite Index was little changed. Taiwan’s Taiex index rose 0.4%, while Singapore’s Straits Times Index climbed 0.7%.

Japan’s Topix index increased 0.4% and South Korea’s Kospi index advanced 0.9%. Australia’s S&P/ASX 200 Index climbed 1%, while New Zealand’s NZX 50 Index rose 0.4%.

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 Sarasin’s Boucher: why I like salmon with chocolate

Sarasin’s Boucher: why I like salmon with chocolate

Henry Boucher, manager of the £129 million Sarasin Food & Agriculture Opportunities fund, explains why he is gobbling up salmon and chocolate stocks.

Play Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Libby Ashby and leading wealth managers analyse what the Alibaba IPO hype means for Chinese equities, slowing growth of the UK economy and whether there’s anything left to play for in the European sovereign bond market.

Play Tesco, Japan and the rise of the central banker

Tesco, Japan and the rise of the central banker

 Libby Ashby and leading wealth managers scrutinise the food retail sector, Japan’s consumption tax hike and political risk in the markets.

Your Business: Cover Star Club

Veteran banker boosts Sanlam’s stockbroking team

Veteran banker boosts Sanlam’s stockbroking team

A veteran private banker has been recruited by Sanlam Private Investments to strengthen its advisory stockbroking team.

Wealth Manager on Twitter