US dollar rebounds while global stocks post gains

Tuesday 04 July 2017 2 months ago 49   New York   Print

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Report  Web Desk : NEW YORK: Rising oil prices and investor appetite for financial stocks helped boost most major US and European equities on Monday while the dollar rebounded on exchange markets ahead of the July 4 holiday in the United States. On a shortened trading day, Wall Street finished mixed, with the blue-chip Dow and the S&P both a hair s breadth below record closes while faltering tech stocks took the Nasdaq lower. The Dow Jones Industrial Average added 0.6 percent and the broader S&P 500 rose 0.2 percent, with investors rotating out of the tech sector and into financials. The tech-heavy Nasdaq suffered the consequences, diving 0.5 percent on the first trading day of the second quarter. Wall Street behemoths Goldman Sachs and JP Morgan Chase were among the Dow leaders, each adding more than two percent. Art Hogan of Wunderlich Securities told that banks were boosted by rising yields on 10-year US Treasury bonds. That is helping the financials, he said. (01)