Wall Street's main indexes closed sharply lower on Thursday, marking their deepest one-day dives in months as investors dumped the high-flying&nbsp;technology&nbsp;sector, while economic data highlighted concerns about a long and difficult recovery.

The&nbsp;technology-centric Nasdaq led the declines as its heavyweight stocks took a hit with the biggest drags from companies including Facebook Inc, Apple Inc, Amazon.com Inc, Microsoft Inc and Google-parent Alphabet Inc.

Also read:&nbsp;<a href="https://www.wionews.com/world/e-commerce-giant-amazon-will-create-7000-jobs-in-the-united-kingdom-324991" hreflang="en">E-commerce giant Amazon will create 7,000 jobs in the United Kingdom</a>

The five stocks, deemed strong bets because of solid cash positions and continued growth despite the coronavirus crisis, also account for roughly a quarter of the S&amp;P 500's market value and have driven the stock market's narrow&nbsp;technology-led recovery from the pandemic lows hit in March.

The Philadelphia chip index and the S&amp;P tech sector also dropped more than 5 per cent&nbsp;each.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/global-economy-will-take-12-trillion-hit-from-covid-19-international-monetary-fund-308349">Global economy will take $12 trillion hit from COVID-19: International Monetary Fund</a>

The pullback comes a day after the S&amp;P 500 and the Nasdaq closed at record levels and the Dow came within 1.5 per cent of its February peak, powered by fiscal and monetary support hopes for a swift economic recovery. But some participants said investors had become too optimistic.

Earlier in the day, data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week, but remained extraordinarily high. The closely watched monthly payrolls report is set for Friday

Separately, a survey showed US&nbsp;services industry growth slowed in August, likely as the boost from the reopening of businesses and fiscal stimulus faded.

The Dow Jones Industrial Average fell 807.77 points, or 2.78 per cent, to close at 28,292.73, the S&amp;P 500 lost 125.78 points, or 3.51 per cent, to 3,455.06 and the Nasdaq Composite dropped 598.34 points, or 4.96 per cent, to 11,458.10.

Wall Street's main indexes closed sharply lower on Thursday, marking their deepest one-day dives in months as investors dumped the high-flying technology sector, while economic data highlighted concerns about a long and difficult recovery.

Wall Street's main indexes closed sharply lower on Thursday, marking their deepest one-day dives in months as investors dumped the high-flying technology sector, while economic data highlighted concerns about a long and difficult recovery. The technology-centric Nasdaq led the declines as its heavyweight stocks took a hit with the biggest drags from companies including Facebook Inc, Apple Inc, Amazon.com Inc, Microsoft Inc and Google-parent Alphabet Inc. Also read: E-commerce giant Amazon will create 7,000 jobs in the United Kingdom The five stocks, deemed strong bets because of solid cash positions and continued growth despite the coronavirus crisis, also account for roughly a quarter of the S&P 500's market value and have driven the stock market's narrow technology-led recovery from the pandemic lows hit in March. The Philadelphia chip index and the S&P tech sector also dropped more than 5 per cent each. Also read: Global economy will take $12 trillion hit from COVID-19: International Monetary Fund The pullback comes a day after the S&P 500 and the Nasdaq closed at record levels and the Dow came within 1.5 per cent of its February peak, powered by fiscal and monetary support hopes for a swift economic recovery. But some participants said investors had become too optimistic. Earlier in the day, data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week, but remained extraordinarily high. The closely watched monthly payrolls report is set for Friday Separately, a survey showed US services industry growth slowed in August, likely as the boost from the reopening of businesses and fiscal stimulus faded. The Dow Jones Industrial Average fell 807.77 points, or 2.78 per cent, to close at 28,292.73, the S&P 500 lost 125.78 points, or 3.51 per cent, to 3,455.06 and the Nasdaq Composite dropped 598.34 points, or 4.96 per cent, to 11,458.10.

Tech tumble jams Wall Street into reverse; sharpest fall since June

The central bank will tolerate an inflation rate that exceeds its 2% target for an extended period before raising interest rates.

Federal reserve is taking a new approach to inflation

The S&P 500 and Nasdaq advanced on August 20, as gains in heavyweight tech stocks outweighed downbeat data that affirmed the Federal Reserve’s view of a difficult road to economic recovery.

US stocks outweighed downbeat data: Nasdaq composite added 1.06%

Asian shares and the dollar made a cautious start to the new month on Monday as U.S. lawmakers struggled to hammer out a new stimulus plan and a global surge of new coronavirus cases showed no sign of abating.

Asia stocks off to cautious start | Oil demand suffered | Tech giants show strong results

The Trump administration is taking aim at China's transparency, or the lack of it with focus on Chinese companies listing shares on US exchanges.

The US government is keeping an eye on Luckin Coffee. It is a Chinese coffee house chain that was founded in 2017.

In just a matter of three years, it has managed to exceed the number of Starbucks stores in China. In fact, just last year, in 2019 Luckin Coffee made a grand debut at the American stock exchange - Nasdaq.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-us-plans-to-delist-chinese-companies-300026/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The company's shares surged about 50 per cent on&nbsp;its debut. Now, Luckin Coffee is being delisted by the Nasdaq stock exchange. Nasdaq has cited "public interest concerns" for the delisting. It has mentioned a recent accounting scandal as the key reason.

A massive fraud was uncovered in the company's accounts last month. The company's sales for the second and fourth quarters of 2019 were exaggerated by $310 million. The company allegedly lied and faked transactions. A fraud that has come as a wake-up call for American investors.

The fraud has also proved to be fresh ammunition for the US government against China. Washington is now planning to impose tougher regulations on Chinese stocks. The US Senate is considering legislation that could bar several other Chinese companies from listing shares on US exchanges.

They want Chinese companies to stop raising money from American investors. Republican Senators are planning to submit the "holding foreign companies accountable Act" in the US Senate.

They have the support of some Democrats this time. The legislation is&nbsp;co-sponsored by Democratic Senator Chris van Hollen from Maryland.&nbsp;

It aims to achieve two primary things: Firstly, Chinese companies would be made to establish that they are not state-run or controlled by China in any way. Secondly, their transactions will be reviewed by an American accounting watchdog. Only after that, they will be allowed to raise money in public markets.

Some 600 Chinese companies are listed at the&nbsp;US stock exchanges. Most of these companies could be at risk of being de-listed if the legislation were to pass. America's message to Chinese cash cows is clear - show transparency or get delisted which has bipartisan support.

Both the Democrats and Republicans apparently want to set the record straight that they are both tough on China. The pressure continues on the Chinese regime.&nbsp;

The Trump administration is taking aim at China's transparency, or the lack of it with focus on Chinese companies listing shares on US exchanges. The US government is keeping an eye on Luckin Coffee.

The Trump administration is taking aim at China's transparency, or the lack of it with focus on Chinese companies listing shares on US exchanges. The US government is keeping an eye on Luckin Coffee. It is a Chinese coffee house chain that was founded in 2017. In just a matter of three years, it has managed to exceed the number of Starbucks stores in China. In fact, just last year, in 2019 Luckin Coffee made a grand debut at the American stock exchange - Nasdaq. The company's shares surged about 50 per cent on its debut. Now, Luckin Coffee is being delisted by the Nasdaq stock exchange. Nasdaq has cited "public interest concerns" for the delisting. It has mentioned a recent accounting scandal as the key reason. A massive fraud was uncovered in the company's accounts last month. The company's sales for the second and fourth quarters of 2019 were exaggerated by $310 million. The company allegedly lied and faked transactions. A fraud that has come as a wake-up call for American investors. The fraud has also proved to be fresh ammunition for the US government against China. Washington is now planning to impose tougher regulations on Chinese stocks. The US Senate is considering legislation that could bar several other Chinese companies from listing shares on US exchanges. They want Chinese companies to stop raising money from American investors. Republican Senators are planning to submit the "holding foreign companies accountable Act" in the US Senate. They have the support of some Democrats this time. The legislation is co-sponsored by Democratic Senator Chris van Hollen from Maryland. It aims to achieve two primary things: Firstly, Chinese companies would be made to establish that they are not state-run or controlled by China in any way. Secondly, their transactions will be reviewed by an American accounting watchdog. Only after that, they will be allowed to raise money in public markets. Some 600 Chinese companies are listed at the US stock exchanges. Most of these companies could be at risk of being de-listed if the legislation were to pass. America's message to Chinese cash cows is clear - show transparency or get delisted which has bipartisan support. Both the Democrats and Republicans apparently want to set the record straight that they are both tough on China. The pressure continues on the Chinese regime.

After Luckin Coffee fiasco, US government eyes Chinese companies in American stock exchange

Asia’s stock markets crashed on Friday as panic gripping world financial markets deepened, and even haven assets such as gold and bonds were ditched to cover losses in the wipeout. Japan’s Nikkei was in freefall, dropping 10% and heading for its worst week since the 2008 financial crisis. Not one stock on the index is in positive territory.&nbsp;

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 2% and is down 12.8% this week.

Australia’s benchmark fell 7.6% and is set for its worst week on record, while in South Korea the won was shredded and the Kosdaq fell 8%, triggering a short trading halt. Hong Kong’s Hang Seng index fell 6.8%, its steepest drop since 2008. China’s Shanghai Composite fell 4%. Currency markets steadied somewhat after furious dollar buying overnight, as fears of systemic risks drive demand for the world’s reserve currency. Even after its worst crash since Black Monday in 1987 overnight, Dow futures are down about 0.8% in Asia and S&amp;P 500 futures are off 0.4%.

“There is a sense of fear and panic,” said James Tao, an analyst at stockbroker Commsec in Sydney, where phones at the high-value client desk rang non-stop. “It’s one of those situations where there is so much uncertainty that no-one quite knows how to respond…if it’s fight or flight, many people are choosing flight at the moment.” The plunge, as the coronavirus pandemic spreads, gathered pace after U.S. President Donald Trump spooked investors with a move to restrict travel from Europe, and after the European Central Bank disappointed markets by holding back on rate cuts.

Trade was halted on the S&amp;P 500 after it hit downdraft circuit breakers. It fell further when trade resumed, eventually losing 9.5% to close 27% below February’s peak. Gold, usually a safe harbour in times of panic, fell 3.5%, yields on long-dated U.S. Treasuries shot up – where they mostly held on Friday.

“Wherever anyone has any risk, people just want to bring risk back to flat at the moment, that’s what happening,” said Stuart Oakley, Nomura’s global head of flow FX in Singapore “This is what happens when you get what’s known as a value-at-risk shock, where people have drawn down so much P&amp;L that they just need to draw down all risk.”

The VIX volatility index – Wall Street’s “fear gauge” – and an equivalent measure of volatility for the Euro Stoxx 50 hit their highest since the 2008 financial crisis.

In a televised address late on Wednesday, U.S. President Donald Trump imposed restrictions on travel from Europe to the United States, shocking investors and travellers. Traders were disappointed after hoping to see broader measures to fight the spread of the virus and blunt its expected blow to economic growth. The New York Federal Reserve surprised by pumping huge amounts of cash into the banking system, aiming to head off the sort of dislocation that saw markets seize up during the financial crisis more than a decade ago.

After adding $500 billion on Thursday, it will inject another $1 trillion today to stop borrowing costs from rising. Australia’s central bank injected an unusually large $5.5 billion into the financial system on Friday. In early Asia currency trade, the dollar did its best to hold gains against most major currencies after a blowout in swap spreads showed investors are facing a greenback shortage. The euro found footing at $1.1178 after falling as far as $1.1054 overnight. The Australian dollar lifted about 1% from an 11-year low to $0.6293.

Asia’s stock markets crashed on Friday as panic gripping world financial markets deepened, and even haven assets such as gold and bonds were ditched to cover losses in the wipeout.

Asia’s stock markets crashed on Friday as panic gripping world financial markets deepened, and even haven assets such as gold and bonds were ditched to cover losses in the wipeout. Japan’s Nikkei was in freefall, dropping 10% and heading for its worst week since the 2008 financial crisis. Not one stock on the index is in positive territory. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 2% and is down 12.8% this week. Australia’s benchmark fell 7.6% and is set for its worst week on record, while in South Korea the won was shredded and the Kosdaq fell 8%, triggering a short trading halt. Hong Kong’s Hang Seng index fell 6.8%, its steepest drop since 2008. China’s Shanghai Composite fell 4%. Currency markets steadied somewhat after furious dollar buying overnight, as fears of systemic risks drive demand for the world’s reserve currency. Even after its worst crash since Black Monday in 1987 overnight, Dow futures are down about 0.8% in Asia and S&P 500 futures are off 0.4%. “There is a sense of fear and panic,” said James Tao, an analyst at stockbroker Commsec in Sydney, where phones at the high-value client desk rang non-stop. “It’s one of those situations where there is so much uncertainty that no-one quite knows how to respond…if it’s fight or flight, many people are choosing flight at the moment.” The plunge, as the coronavirus pandemic spreads, gathered pace after U.S. President Donald Trump spooked investors with a move to restrict travel from Europe, and after the European Central Bank disappointed markets by holding back on rate cuts. Trade was halted on the S&P 500 after it hit downdraft circuit breakers. It fell further when trade resumed, eventually losing 9.5% to close 27% below February’s peak. Gold, usually a safe harbour in times of panic, fell 3.5%, yields on long-dated U.S. Treasuries shot up – where they mostly held on Friday. “Wherever anyone has any risk, people just want to bring risk back to flat at the moment, that’s what happening,” said Stuart Oakley, Nomura’s global head of flow FX in Singapore “This is what happens when you get what’s known as a value-at-risk shock, where people have drawn down so much P&L that they just need to draw down all risk.” The VIX volatility index – Wall Street’s “fear gauge” – and an equivalent measure of volatility for the Euro Stoxx 50 hit their highest since the 2008 financial crisis. In a televised address late on Wednesday, U.S. President Donald Trump imposed restrictions on travel from Europe to the United States, shocking investors and travellers. Traders were disappointed after hoping to see broader measures to fight the spread of the virus and blunt its expected blow to economic growth. The New York Federal Reserve surprised by pumping huge amounts of cash into the banking system, aiming to head off the sort of dislocation that saw markets seize up during the financial crisis more than a decade ago. After adding $500 billion on Thursday, it will inject another $1 trillion today to stop borrowing costs from rising. Australia’s central bank injected an unusually large $5.5 billion into the financial system on Friday. In early Asia currency trade, the dollar did its best to hold gains against most major currencies after a blowout in swap spreads showed investors are facing a greenback shortage. The euro found footing at $1.1178 after falling as far as $1.1054 overnight. The Australian dollar lifted about 1% from an 11-year low to $0.6293.

World markets plunge deepens as coronavirus panic worsens

Today in History: Coronation of Elizabeth II, start of the Russo-Japanese War and more

US stocks slipped on Friday in a post-holiday shortened session as a US-China discord over Hong Kong reignited trade tensions and retail stocks dipped on signs of a tepid start to in-store Black Friday sales.

China on Thursday threatened to retaliate against a US law backing pro-democracy protesters in Hong Kong. The measures could include barring drafters of the legislation from mainland China, Hong Kong and Macau, the editor of China's state-backed Global Times tabloid said in a tweet.

The trade-sensitive Philadelphia Semiconductor index fell as much as 0.8 per cent and was on track for its worst day in a week.

The diplomatic clash also knocked Wall Street's main indexes off record highs. They had closed at all-time highs in every session so far this week on upbeat domestic data and hopes of an imminent "phase one" trade deal.

"The fact that this is a half-day with the markets being at all-time highs is a reason to give investors a bit of a pause," said Robert Pavlik, chief investment strategist, at SlateStone Wealth LLC in New York.

The sentiment was also dulled by reports of spot checks on retailers around the country, which showed fewer people lining up outside stores at the start of Black Friday, suggesting a surge in online buying may have taken the shine off America's biggest shopping day.

The S&amp;P 500 retail sector fell 0.7 per cent, with Kohl's Corp dropping 2.3 per cent. But top retailers Walmart Inc and Best Buy Co Inc were up between 0.3% and 0.7%.

At 11:48 a.m. ET the Dow Jones Industrial Average was down 95.45 points, or 0.34 per cent, at 28,068.55, while the S&amp;P 500 was down 8.63 points, or 0.27per cent, at 3,145. The Nasdaq Composite was down 21.73 points, or 0.25%, at 8,683.45.

Shares of Tech Data Corp jumped 12.3 per cent&nbsp;as private equity firm Apollo Global Management raised its bid for the US information technology equipment distributor to about $5.14 billion.

Declining issues outnumbered advancers for a 1.58-to-1 ratio on the NYSE and for a 1.18-to-1 ratio on the Nasdaq. The S&amp;P index recorded 15 new 52-week highs and one new low, while the Nasdaq recorded 66 new highs and 26 new lows.

US stocks slipped on Friday in a post-holiday shortened session as a US-China discord over Hong Kong reignited trade tensions and retail stocks dipped on signs of a tepid start to in-store Black Friday sales.

US stocks slipped on Friday in a post-holiday shortened session as a US-China discord over Hong Kong reignited trade tensions and retail stocks dipped on signs of a tepid start to in-store Black Friday sales. China on Thursday threatened to retaliate against a US law backing pro-democracy protesters in Hong Kong. The measures could include barring drafters of the legislation from mainland China, Hong Kong and Macau, the editor of China's state-backed Global Times tabloid said in a tweet. The trade-sensitive Philadelphia Semiconductor index fell as much as 0.8 per cent and was on track for its worst day in a week. The diplomatic clash also knocked Wall Street's main indexes off record highs. They had closed at all-time highs in every session so far this week on upbeat domestic data and hopes of an imminent "phase one" trade deal. "The fact that this is a half-day with the markets being at all-time highs is a reason to give investors a bit of a pause," said Robert Pavlik, chief investment strategist, at SlateStone Wealth LLC in New York. The sentiment was also dulled by reports of spot checks on retailers around the country, which showed fewer people lining up outside stores at the start of Black Friday, suggesting a surge in online buying may have taken the shine off America's biggest shopping day. The S&P 500 retail sector fell 0.7 per cent, with Kohl's Corp dropping 2.3 per cent. But top retailers Walmart Inc and Best Buy Co Inc were up between 0.3% and 0.7%. At 11:48 a.m. ET the Dow Jones Industrial Average was down 95.45 points, or 0.34 per cent, at 28,068.55, while the S&P 500 was down 8.63 points, or 0.27per cent, at 3,145. The Nasdaq Composite was down 21.73 points, or 0.25%, at 8,683.45. Shares of Tech Data Corp jumped 12.3 per cent as private equity firm Apollo Global Management raised its bid for the US information technology equipment distributor to about $5.14 billion. Declining issues outnumbered advancers for a 1.58-to-1 ratio on the NYSE and for a 1.18-to-1 ratio on the Nasdaq. The S&P index recorded 15 new 52-week highs and one new low, while the Nasdaq recorded 66 new highs and 26 new lows.

Wall Street slips as US law on Hong Kong brings back trade fears

Global economic worries on Thursday caused Wall Street to retreat from record highs following sour economic data from major economies and signs of persistent deadlock in US-China trade talks.

China's Commerce Ministry reiterated its position that tariff concessions from Washington should be part of a phase one deal to resolve the trade conflict, suggesting a resolution to the US-China trade war was slipping out of reach yet again.

About 15 minutes into the trading day, the benchmark Dow Jones Industrial Average was down 0.1 per cent at 27,762.21, lifted by global retailer Walmart, which posted surging quarterly profits thanks to online sales and revenues from Indian retailer Flipkart.

Meanwhile, the S&amp;P 500 was flat at 3,093.35 and the Nasdaq was 0.3 per cent lower at 8,459.39.

Shares in Walmart were up more than 2.3 per cent, marking the best gains since August.

President Donald Trump hailed the Walmart results, saying the proved his trade wars were not damaging the US retail sector.

"No impact from Tariffs (which are contributing $Billions to our Treasury)," he wrote on Twitter.

However, Walmart executives said they are watching the tariff discussions and hoping for a prompt resolution to the dispute.

Networking and telecoms firm Cisco plunged seven per cent a day after cutting earnings guidance for its upcoming fiscal quarter.

"There is no dash for the exit in spite of reported stumbling blocks over China citing the rollback of some existing tariffs as a precondition for doing a deal and the US reportedly not being on board with that precondition," analyst Patrick O'Hare wrote at Briefing.com.

Economic data released Thursday showed further signs of strain in China's economy, with a sharp slowdown in consumer spending and factory production, while investment growth hit a record low as the trade war with the United States takes its toll.

Germany's economy narrowly avoided recession as it eked out 0.1 per cent quarter-on-quarter growth, beating forecasts of a 0.1 per cent contraction but confirming the trade-dependent nation's struggles.

Global economic worries on Thursday caused Wall Street to retreat from record highs following sour economic data from major economies and signs of persistent deadlock in US-China trade talks.

Global economic worries on Thursday caused Wall Street to retreat from record highs following sour economic data from major economies and signs of persistent deadlock in US-China trade talks. China's Commerce Ministry reiterated its position that tariff concessions from Washington should be part of a phase one deal to resolve the trade conflict, suggesting a resolution to the US-China trade war was slipping out of reach yet again. About 15 minutes into the trading day, the benchmark Dow Jones Industrial Average was down 0.1 per cent at 27,762.21, lifted by global retailer Walmart, which posted surging quarterly profits thanks to online sales and revenues from Indian retailer Flipkart. Meanwhile, the S&P 500 was flat at 3,093.35 and the Nasdaq was 0.3 per cent lower at 8,459.39. Shares in Walmart were up more than 2.3 per cent, marking the best gains since August. President Donald Trump hailed the Walmart results, saying the proved his trade wars were not damaging the US retail sector. "No impact from Tariffs (which are contributing $Billions to our Treasury)," he wrote on Twitter. However, Walmart executives said they are watching the tariff discussions and hoping for a prompt resolution to the dispute. Networking and telecoms firm Cisco plunged seven per cent a day after cutting earnings guidance for its upcoming fiscal quarter. "There is no dash for the exit in spite of reported stumbling blocks over China citing the rollback of some existing tariffs as a precondition for doing a deal and the US reportedly not being on board with that precondition," analyst Patrick O'Hare wrote at Briefing.com. Economic data released Thursday showed further signs of strain in China's economy, with a sharp slowdown in consumer spending and factory production, while investment growth hit a record low as the trade war with the United States takes its toll. Germany's economy narrowly avoided recession as it eked out 0.1 per cent quarter-on-quarter growth, beating forecasts of a 0.1 per cent contraction but confirming the trade-dependent nation's struggles.

Wall Street subdued as economic, trade doubts persist

Wall Street stocks surged to fresh records Friday following good US jobs data and positive comments from officials about progress on a partial trade deal with China.

The S&amp;P 500 rose 1.0 per cent to end at a new high of 3,066.91, notching its third record this week, while the Nasdaq jumped 1.1 per cent, pushing past the all-time high set in July to close at 8,386.40.

The Dow Jones Industrial Average also gained 1.1 per cent to 27,347.36, only 12 points shy of its own record.

Markets were cheered by the strong labour market after the government reported that US firms added 128,000 net new jobs last month, much better than the 80,000 projected by analysts and in spite of the hit from the lengthy General Motors strike.

Investors also greeted comments from the US and Chinese officials reporting progress in the efforts to finalise the partial trade bargain that President Donald Trump announced three weeks ago.

Adding to the positive sentiment has been a better-than-expected earnings season and the third in a series of Federal Reserve interest rate cuts.

"Interest rates have been moving in the right direction for quite a bit of time," said Tom Cahill of Ventura Wealth Management.&nbsp;

"There is a feeling that late in the year we'll start to see the benefits of interest rates decreasing (with) growth maybe reaccelerating."

Among companies reporting results, Exxon Mobil jumped 3.0 per cent after posting better-than-expected profits, while Chevron was flat on results that lagged expectations.

Fitbit, a wearable technology company, surged 15.2 per cent after it agreed to be acquired by Google for $2.1 billion.

The move advances Google's expansion into hardware while Fitbit has struggled against rivals including Apple. Google's parent Alphabet climbed by 1.1 per cent.

Meanwhile, Colgate-Palmolive shed 2.6 per cent, Pinterest dived 17.1 per cent and American International Group gained 1.5 per cent.

Wall Street stocks surged to fresh records Friday following good US jobs data and positive comments from officials about progress on a partial trade deal with China.

Wall Street stocks surged to fresh records Friday following good US jobs data and positive comments from officials about progress on a partial trade deal with China. The S&P 500 rose 1.0 per cent to end at a new high of 3,066.91, notching its third record this week, while the Nasdaq jumped 1.1 per cent, pushing past the all-time high set in July to close at 8,386.40. The Dow Jones Industrial Average also gained 1.1 per cent to 27,347.36, only 12 points shy of its own record. Markets were cheered by the strong labour market after the government reported that US firms added 128,000 net new jobs last month, much better than the 80,000 projected by analysts and in spite of the hit from the lengthy General Motors strike. Investors also greeted comments from the US and Chinese officials reporting progress in the efforts to finalise the partial trade bargain that President Donald Trump announced three weeks ago. Adding to the positive sentiment has been a better-than-expected earnings season and the third in a series of Federal Reserve interest rate cuts. "Interest rates have been moving in the right direction for quite a bit of time," said Tom Cahill of Ventura Wealth Management. "There is a feeling that late in the year we'll start to see the benefits of interest rates decreasing (with) growth maybe reaccelerating." Among companies reporting results, Exxon Mobil jumped 3.0 per cent after posting better-than-expected profits, while Chevron was flat on results that lagged expectations. Fitbit, a wearable technology company, surged 15.2 per cent after it agreed to be acquired by Google for $2.1 billion. The move advances Google's expansion into hardware while Fitbit has struggled against rivals including Apple. Google's parent Alphabet climbed by 1.1 per cent. Meanwhile, Colgate-Palmolive shed 2.6 per cent, Pinterest dived 17.1 per cent and American International Group gained 1.5 per cent.

S&P 500, Nasdaq end at records after strong US jobs data

Wall Street stocks set new records Thursday for a second straight session, with the Dow finishing above 27,000 points -- a first -- over an expected Federal Reserve interest rate cut later this month.

The latest new landmark, which was accompanied by a fresh record for the <a href="https://www.wionews.com/world/sp-500-hits-3000-for-the-first-time-as-fed-signals-possible-rate-cut-234770">S&amp;P 500</a>, came as Fed Chair Jerome Powell completed the second day of congressional testimony at which he emphasised economic risks in remarks that were widely interpreted as signalling a likely interest rate cut.&nbsp;

The new high drew a cheer from US President Donald Trump, who has repeatedly <a href="https://www.wionews.com/world/trump-bashes-stubborn-child-federal-reserve-as-economy-shows-signs-of-weakness-230162">criticised Powell on monetary policy</a>. Trump extolled the latest new peak on Twitter, saying "Dow just hit 27,000 for the first time EVER!" &nbsp;

The <a href="https://www.wionews.com/business-economy/nasdaq-ends-at-record-high-dollar-falls-as-us-fed-signals-possible-rate-cut-234814">Nasdaq, which had closed at a record</a> following Powell's testimony on Wednesday, pulled back slightly.&nbsp;

It was joined lower by European bourses, which were pressured by stronger currencies after Powell's remarks weighed on the dollar.&nbsp;

"It's safe to say that investors were pleased with Jerome Powell's first day of testimony on Wednesday, with equity markets jumping on his dovish assessment," said Oanda analyst Craig Erlam.

"The Fed Chairman doesn't typically provide strong and direct messages on policy direction, which makes predicting future rate movements all the more difficult. But Wednesday's message was clear, the data is softening -- particularly on the inflation side -- and downside risks are significant," Erlam said.

Fresh trade discord

But Thursday's records came amid fresh signs of trade policy discord that have troubled investors over the last year.

Trump, also on Twitter, accused China Beijing of backsliding on a recent pledge to buy more US farm exports. "Hopefully they will start soon!"&nbsp;

Trump's latest tweet on China "means we are not closer to a deal with China," said Art Hogan, chief market strategist at National Securities.

There were also fresh signs of tension between the US and Europe.

On Wednesday, officials said US President Donald Trump had ordered an investigation into France's planned tax on internet services. The French parliament passed the tax anyway on Thursday, making Google, Apple, Facebook and Amazon principal targets of the higher taxes.

Among individual companies, Delta Air Lines climbed 1.2 percent as it reported a nearly 40 per cent surge in second-quarter profits to $1.4 billion on strong flying demand.

The company also benefited from its lack of exposure to the Boeing 737 MAX, which has been grounded following two crashes. Delta does not own any of planes.

Wall Street stocks set new records Thursday for a second straight session, with the Dow finishing above 27,000 points -- a first -- over an expected Federal Reserve interest rate cut later this month.

Wall Street stocks set new records Thursday for a second straight session, with the Dow finishing above 27,000 points -- a first -- over an expected Federal Reserve interest rate cut later this month. The latest new landmark, which was accompanied by a fresh record for the S&P 500, came as Fed Chair Jerome Powell completed the second day of congressional testimony at which he emphasised economic risks in remarks that were widely interpreted as signalling a likely interest rate cut. The new high drew a cheer from US President Donald Trump, who has repeatedly criticised Powell on monetary policy. Trump extolled the latest new peak on Twitter, saying "Dow just hit 27,000 for the first time EVER!" The Nasdaq, which had closed at a record following Powell's testimony on Wednesday, pulled back slightly. It was joined lower by European bourses, which were pressured by stronger currencies after Powell's remarks weighed on the dollar. "It's safe to say that investors were pleased with Jerome Powell's first day of testimony on Wednesday, with equity markets jumping on his dovish assessment," said Oanda analyst Craig Erlam. "The Fed Chairman doesn't typically provide strong and direct messages on policy direction, which makes predicting future rate movements all the more difficult. But Wednesday's message was clear, the data is softening -- particularly on the inflation side -- and downside risks are significant," Erlam said. Fresh trade discord But Thursday's records came amid fresh signs of trade policy discord that have troubled investors over the last year. Trump, also on Twitter, accused China Beijing of backsliding on a recent pledge to buy more US farm exports. "Hopefully they will start soon!" Trump's latest tweet on China "means we are not closer to a deal with China," said Art Hogan, chief market strategist at National Securities. There were also fresh signs of tension between the US and Europe. On Wednesday, officials said US President Donald Trump had ordered an investigation into France's planned tax on internet services. The French parliament passed the tax anyway on Thursday, making Google, Apple, Facebook and Amazon principal targets of the higher taxes. Among individual companies, Delta Air Lines climbed 1.2 percent as it reported a nearly 40 per cent surge in second-quarter profits to $1.4 billion on strong flying demand. The company also benefited from its lack of exposure to the Boeing 737 MAX, which has been grounded following two crashes. Delta does not own any of planes.

Dow ends above 27,000 points for first time, S&P 500 hits record on Federal Reserve rate cut optimism

Wall Street stocks cheered dovish testimony from Federal Reserve Chair Jerome Powell on Wednesday, lifting the Nasdaq to a fresh record while the prospect of looser monetary <a href="https://www.wionews.com/world/sp-500-hits-3000-for-the-first-time-as-fed-signals-possible-rate-cut-234770">policy pressured the dollar</a>.

In the first of two days of congressional testimony, Powell said many central bankers believed the case for lower rates "had strengthened" as myriad trade conflicts cloud the growth outlook.

Since the June meeting, when Powell's dovish remarks were interpreted as signalling a possible cut, "it appears that uncertainties around trade tension and concerns about the strength of the global economy continue to weigh on the US economic outlook," Powell said.

The remarks confirmed to broad investor expectations about what Powell would say and appeared to quash speculation that last week's strong US jobs report would prevent a rate cut later this month.

Powell has been under constant pressure from US President Donald Trump to cut interest rates but said again Wednesday that White House sniping played no role in his outlook.

All three major indices surged to all-time intraday records near the start of the Wall Street session after Powell's written congressional testimony was released. But the tech-rich Nasdaq Composite Index was the only one to hold the record, ending at 8,202.53, up 0.8 per cent.

The Dow and S&amp;P 500 also finished higher on a day in which European stocks retreated and leading Asian bourses were mixed.

The dollar also shifted course following Powell's remarks.

The US currency had rallied following the jobs report but "today's testimony implies that a rate cut is a 'done deal,'" said Matt Weller in a note on Forex.com.

Heading into Wednesday's much-anticipated hearing, many investors had taken an interest rate cut as a near certainty, viewing the next meeting as a question of how aggressively the Fed would act.

"I don't think it's changed anything. Everyone expected him to cut in July," said Maris Ogg of Tower Bridge Advisors, who thinks the Fed will undertake a 25 basis point cut in interest rates this month.

"But a cut of 50 basis points is not gonna happen," Ogg said. "We're not seeing that much weakness and it would indicate that something is not working well."

Following the testimony, most investors still predicted a smaller interest rate cut but a solid minority bet on a larger 50 basis point cut.

Christopher Vecchio of Daily FX, meanwhile, said Powell's appearance "laid the groundwork for a series of interest rate cuts over the coming months."

In other markets, oil prices jumped more than two per cent after a government inventory report showed a massive drop in US stockpiles last week. Traders also cheered reports that Russian output fell in July to its lowest in nearly three years.

Other factors boosting oil prices included continued diplomatic tensions involving OPEC member Iran and a storm in the Gulf of Mexico that prompted some producers to evacuate offshore workers and suspend some output.

Wall Street stocks cheered dovish testimony from Federal Reserve Chair Jerome Powell on Wednesday, lifting the Nasdaq to a fresh record while the prospect of looser monetary policy pressured the dollar.

Wall Street stocks cheered dovish testimony from Federal Reserve Chair Jerome Powell on Wednesday, lifting the Nasdaq to a fresh record while the prospect of looser monetary policy pressured the dollar. In the first of two days of congressional testimony, Powell said many central bankers believed the case for lower rates "had strengthened" as myriad trade conflicts cloud the growth outlook. Since the June meeting, when Powell's dovish remarks were interpreted as signalling a possible cut, "it appears that uncertainties around trade tension and concerns about the strength of the global economy continue to weigh on the US economic outlook," Powell said. The remarks confirmed to broad investor expectations about what Powell would say and appeared to quash speculation that last week's strong US jobs report would prevent a rate cut later this month. Powell has been under constant pressure from US President Donald Trump to cut interest rates but said again Wednesday that White House sniping played no role in his outlook. All three major indices surged to all-time intraday records near the start of the Wall Street session after Powell's written congressional testimony was released. But the tech-rich Nasdaq Composite Index was the only one to hold the record, ending at 8,202.53, up 0.8 per cent. The Dow and S&P 500 also finished higher on a day in which European stocks retreated and leading Asian bourses were mixed. The dollar also shifted course following Powell's remarks. The US currency had rallied following the jobs report but "today's testimony implies that a rate cut is a 'done deal,'" said Matt Weller in a note on Forex.com. Heading into Wednesday's much-anticipated hearing, many investors had taken an interest rate cut as a near certainty, viewing the next meeting as a question of how aggressively the Fed would act. "I don't think it's changed anything. Everyone expected him to cut in July," said Maris Ogg of Tower Bridge Advisors, who thinks the Fed will undertake a 25 basis point cut in interest rates this month. "But a cut of 50 basis points is not gonna happen," Ogg said. "We're not seeing that much weakness and it would indicate that something is not working well." Following the testimony, most investors still predicted a smaller interest rate cut but a solid minority bet on a larger 50 basis point cut. Christopher Vecchio of Daily FX, meanwhile, said Powell's appearance "laid the groundwork for a series of interest rate cuts over the coming months." In other markets, oil prices jumped more than two per cent after a government inventory report showed a massive drop in US stockpiles last week. Traders also cheered reports that Russian output fell in July to its lowest in nearly three years. Other factors boosting oil prices included continued diplomatic tensions involving OPEC member Iran and a storm in the Gulf of Mexico that prompted some producers to evacuate offshore workers and suspend some output.

Nasdaq ends at record high, dollar falls as US Federal Reserve signals possible rate cut

US stocks climbed on Tuesday, as investors picked up beaten-down technology and <a href="https://www.wionews.com/business-economy/wall-street-shudders-as-us-china-trade-war-intensifies-218493">industrial stocks following optimistic</a> comments from Washington and Beijing that tempered concerns about a further escalation in the trade war.

Technology shares rose 1.56 per cent, the most among major S&amp;P sectors, lifted by gains in Microsoft Corp, Visa Inc and chipmakers.

Wall Street witnessed one of its worst selloffs this year in the previous session, with the S&amp;P and the Dow recording their largest percentage drops since January 3rd, after China announced retaliatory tariffs on US goods.

Markets took relief from comments by US President Donald Trump that he would talk with <a href="https://www.wionews.com/world/if-someone-attacks-us-on-our-doorstep-we-will-fight-to-the-finish-china-on-trade-war-with-us-218705">Chinese counterpart at a G20 Summit</a> in late June and China said on Tuesday both sides have agreed to keep the talks going.

"Today's reaction is investors looking for value," said Peter Cecchini, managing director and chief market strategist at Cantor Fitzgerald in New York.

"There is still a concern around the evolution of the trade talks. The US has stood out relative to the rest of the world when it comes to its economic performance, and it is arguable whether or not that can be sustained."

Prospects of the global economy being derailed by the United States and China sliding into a fiercer, more protracted dispute has knocked more than 4 per cent off the S&amp;P 500 since hitting an all-time high on May 1st.

At 11:19 a.m. ET, the Dow Jones Industrial Average was up 251.49 points, or 0.99%, at 25,576.48, the S&amp;P 500 was up 27.69 points, or 0.98%, at 2,839.56 and the Nasdaq Composite was up 86.94 points, or 1.14%, at 7,733.97.

Nine of the 11 major S&amp;P sectors were higher, with technology, energy, industrial and financial sectors gaining more than 1 per cent.

The tech sector took a beating on Monday as many tech companies rely on China for a large part of their revenue.

Boeing Co shares were up 2 per cent, providing the biggest boost to the Dow. The company said it handed over 24 per cent fewer jet airplanes in the first four months of 2019, hurt by the grounding of its 737 MAX aircraft.

Coca-Cola Co's shares rose 2% after Morgan Stanley upgraded the stock to "overweight", saying higher growth had not been priced into the stock's valuation.

Walt Disney Co's shares gained 1.9 per cent after it signed a pact with Comcast Corp to assume full operational control of streaming service Hulu.

Luxury apparel maker Ralph Lauren Corp's shares fell 7 per cent, the most on the S&amp;P 500, as weak sales in its biggest market, North America, overshadowed quarterly profit beat.

Advancing issues outnumbered decliners by a 3.07-to-1 ratio on the NYSE and a 2.31-to-1 ratio on the Nasdaq. The S&amp;P index recorded 15 new 52-week highs and six new lows, while the Nasdaq recorded 30 new highs and 63 new lows.

US stocks climbed on Tuesday, as investors picked up beaten-down technology and industrial stocks following optimistic comments from Washington and Beijing that tempered concerns about a further escalation in the trade war.

US stocks climbed on Tuesday, as investors picked up beaten-down technology and industrial stocks following optimistic comments from Washington and Beijing that tempered concerns about a further escalation in the trade war. Technology shares rose 1.56 per cent, the most among major S&P sectors, lifted by gains in Microsoft Corp, Visa Inc and chipmakers. Wall Street witnessed one of its worst selloffs this year in the previous session, with the S&P and the Dow recording their largest percentage drops since January 3rd, after China announced retaliatory tariffs on US goods. Markets took relief from comments by US President Donald Trump that he would talk with Chinese counterpart at a G20 Summit in late June and China said on Tuesday both sides have agreed to keep the talks going. "Today's reaction is investors looking for value," said Peter Cecchini, managing director and chief market strategist at Cantor Fitzgerald in New York. "There is still a concern around the evolution of the trade talks. The US has stood out relative to the rest of the world when it comes to its economic performance, and it is arguable whether or not that can be sustained." Prospects of the global economy being derailed by the United States and China sliding into a fiercer, more protracted dispute has knocked more than 4 per cent off the S&P 500 since hitting an all-time high on May 1st. At 11:19 a.m. ET, the Dow Jones Industrial Average was up 251.49 points, or 0.99%, at 25,576.48, the S&P 500 was up 27.69 points, or 0.98%, at 2,839.56 and the Nasdaq Composite was up 86.94 points, or 1.14%, at 7,733.97. Nine of the 11 major S&P sectors were higher, with technology, energy, industrial and financial sectors gaining more than 1 per cent. The tech sector took a beating on Monday as many tech companies rely on China for a large part of their revenue. Boeing Co shares were up 2 per cent, providing the biggest boost to the Dow. The company said it handed over 24 per cent fewer jet airplanes in the first four months of 2019, hurt by the grounding of its 737 MAX aircraft. Coca-Cola Co's shares rose 2% after Morgan Stanley upgraded the stock to "overweight", saying higher growth had not been priced into the stock's valuation. Walt Disney Co's shares gained 1.9 per cent after it signed a pact with Comcast Corp to assume full operational control of streaming service Hulu. Luxury apparel maker Ralph Lauren Corp's shares fell 7 per cent, the most on the S&P 500, as weak sales in its biggest market, North America, overshadowed quarterly profit beat. Advancing issues outnumbered decliners by a 3.07-to-1 ratio on the NYSE and a 2.31-to-1 ratio on the Nasdaq. The S&P index recorded 15 new 52-week highs and six new lows, while the Nasdaq recorded 30 new highs and 63 new lows.

Tech stocks power Wall Street after trade war rout

The United States had another giant month of job creation in April, confirming the strength of the world's largest economy as President Donald Trump prepares to fend off challengers in next year's election.

Government data showed continued vigour in the vast services sector, with unemployment falling to a level not seen since 1969, helping allay fears of a slowdown -- although the labour force shrank.

As the second quarter began, employers scooped up workers in construction, health care, computer systems design, administrative support and other service industries, adding a total of 263,000 net new positions for the month, the data showed.

That was well above the result economists expected, and worker pay continued to climb, although at a slower pace, according to the closely-watched report from the Labor Department.

The unemployment rate fell two tenths to 3.6 per cent but the decline was in part because the pool of workers shrank and fewer people were looking for jobs, pulling them out of the labour force.

The jobless rate for Hispanics fell to the lowest level on record, as did a broader measure of unemployment that includes discouraged workers.

"This economy is roaring," Vice President Mike Pence told CNBC shortly after the data was released, attributing the performance squarely to Trump's economic agenda of tax cuts and slashed regulation.

Average hourly pay also rose by 3.2 per cent over April of last year, the ninth consecutive month with annual growth above three per cent, again outstripping inflation.

Compared to March, however, the increase in pay was only 0.2 per cent, shy of forecasts, but economists said this may have been due to distortions from the Easter holiday.

Manufacturing lags

Government hiring also was the strongest in eight months, with 27,000 jobs created -- likely due in part to hiring for the 2020 US census. Financial services also continued to add employees.

But hiring in the manufacturing sector was a weak spot for the third straight month, ending last year's long growth streak. Durable goods employment was flat and the auto sector continuing to shed jobs.

In the 12 months prior to February, the manufacturing sector had added an average of 22,000 jobs a month, according to the report.

The retail sector also suffered yet more job losses, with 12,000 positions cut.

Hiring in mining, which includes oil and gas, as well as utilities was little changed, the data showed.

There were other signs of weakness as well.

"If one is scouring the report for negatives, one would be the contraction in the workweek and drop in hours worked," RDQ Economics said in a client note.

"With labour force participation dropping further in April, participation is now flat on a year-over-year basis."

The three-month average for job creation has also fallen for four straight months and now sits at about 169,000 -- below the averages recorded in the same period of 2018 and 2017.

The number of people working part-time for "economic reasons" -- those who want full-time work but cannot get it -- also rose for the second month in a row in May, and at 4.7 million remains above the level from before the Great Recession.

Nevertheless, the brisk hiring should further dim hopes among investors that the Federal Reserve will feel pressure to cut interest rates in the near term.

As unemployment falls to half-century lows and workers become scarce, the continued strength of hiring has confounded predictions that companies would soon run out of people to hire, even as firms nationwide complain they are struggling to fill open positions.

And inflation has for several years defied the usual logic that low unemployment should cause wages and prices to rise.

The opinion is now divided among economists as to whether inflation later this year will at last spring to life and pressure the central bank to bump up lending rates -- the opposite of Trump's very loud recent demands for a drastic interest rate cut.

After several days in the red, Wall Street was cheered by the news, with all three major indices closing higher and the Nasdaq setting a new record high.

The United States had another giant month of job creation in April, confirming the strength of the world's largest economy as President Donald Trump prepares to fend off challengers in next year's election.

The United States had another giant month of job creation in April, confirming the strength of the world's largest economy as President Donald Trump prepares to fend off challengers in next year's election. Government data showed continued vigour in the vast services sector, with unemployment falling to a level not seen since 1969, helping allay fears of a slowdown -- although the labour force shrank. As the second quarter began, employers scooped up workers in construction, health care, computer systems design, administrative support and other service industries, adding a total of 263,000 net new positions for the month, the data showed. That was well above the result economists expected, and worker pay continued to climb, although at a slower pace, according to the closely-watched report from the Labor Department. The unemployment rate fell two tenths to 3.6 per cent but the decline was in part because the pool of workers shrank and fewer people were looking for jobs, pulling them out of the labour force. The jobless rate for Hispanics fell to the lowest level on record, as did a broader measure of unemployment that includes discouraged workers. "This economy is roaring," Vice President Mike Pence told CNBC shortly after the data was released, attributing the performance squarely to Trump's economic agenda of tax cuts and slashed regulation. Average hourly pay also rose by 3.2 per cent over April of last year, the ninth consecutive month with annual growth above three per cent, again outstripping inflation. Compared to March, however, the increase in pay was only 0.2 per cent, shy of forecasts, but economists said this may have been due to distortions from the Easter holiday. Manufacturing lags Government hiring also was the strongest in eight months, with 27,000 jobs created -- likely due in part to hiring for the 2020 US census. Financial services also continued to add employees. But hiring in the manufacturing sector was a weak spot for the third straight month, ending last year's long growth streak. Durable goods employment was flat and the auto sector continuing to shed jobs. In the 12 months prior to February, the manufacturing sector had added an average of 22,000 jobs a month, according to the report. The retail sector also suffered yet more job losses, with 12,000 positions cut. Hiring in mining, which includes oil and gas, as well as utilities was little changed, the data showed. There were other signs of weakness as well. "If one is scouring the report for negatives, one would be the contraction in the workweek and drop in hours worked," RDQ Economics said in a client note. "With labour force participation dropping further in April, participation is now flat on a year-over-year basis." The three-month average for job creation has also fallen for four straight months and now sits at about 169,000 -- below the averages recorded in the same period of 2018 and 2017. The number of people working part-time for "economic reasons" -- those who want full-time work but cannot get it -- also rose for the second month in a row in May, and at 4.7 million remains above the level from before the Great Recession. Nevertheless, the brisk hiring should further dim hopes among investors that the Federal Reserve will feel pressure to cut interest rates in the near term. As unemployment falls to half-century lows and workers become scarce, the continued strength of hiring has confounded predictions that companies would soon run out of people to hire, even as firms nationwide complain they are struggling to fill open positions. And inflation has for several years defied the usual logic that low unemployment should cause wages and prices to rise. The opinion is now divided among economists as to whether inflation later this year will at last spring to life and pressure the central bank to bump up lending rates -- the opposite of Trump's very loud recent demands for a drastic interest rate cut. After several days in the red, Wall Street was cheered by the news, with all three major indices closing higher and the Nasdaq setting a new record high.

US job creation surges in April as unemployment hits 49-year low

The tech-rich Nasdaq powered to a fresh record Friday as Wall Street cheered a much better than expected US jobs report for April.

European bourses also advanced following the US report, which set <a href="https://www.wionews.com/world/us-job-creation-surges-in-april-as-unemployment-hits-49-year-low-215776">unemployment at a 49-year low</a>.

"No signs of a slowdown here," said James Knightley, chief international economist at ING.

The US economy added 263,000 net new positions in April, well above the 200,000 forecasts by analysts.

Unemployment fell two tenths to 3.6 per cent but the decline was in part because the pool of workers shrank and fewer people were looking for jobs, pulling them out of the labour force, the Labor Department reported.

Even with the positive attributes to the April jobs data, the report showed wage inflation was measured, putting little pressure on the US Federal Reserve to boost interest rates, analysts said.

"Neither too hot nor too cold," said Stephen Innes, head of trading at SPI, calling the US data "another Goldilocks" payroll report.

"The US economy remains in the sweet spot with extremely robust labour markets driving strong consumption growth but apparently without stoking the inflationary fires," he said.

The tech-rich Nasdaq climbed 1.6 per cent to 8,164.00, about two points above a record earlier in the week.

Bourses in London, Paris and Frankfurt advanced modestly.

Despite the strong jobs data, FTN Financial's Chris Low pointed to a report from the Institute for Supply Management that showed slowing services sector activity.&nbsp;

"I don't think everything is quite as rosy as the jobs numbers suggest but for now traders are happy," FTN Financial's Chris Low told AFP.&nbsp;

Low said investors were also cheered by news that Warren Buffett's Berkshire Hathaway had invested in Amazon, which jumped 3.2 per cent.

"It's him (Buffett) signing off the on the US stock market rally," Low said. "It's not like him to make a high-profile buy at a market top."

The billionaire all-star investor disclosed the move in an interview with CNBC. Buffett previously has lamented not getting into Amazon at an earlier stage, blaming "stupidity" for missing the opportunity in a 2017 interview.

In commodities trading on Friday, oil prices rebounded after falling hard on Thursday in the wake of a surprisingly large build in US oil inventories. Some analysts viewed the increase as a reflection of the improved demand outlook for the US following the strong jobs data.

The tech-rich Nasdaq powered to a fresh record Friday as Wall Street cheered a much better than expected US jobs report for April. European bourses also advanced following the US report, which set unemployment at a 49-year low.

The tech-rich Nasdaq powered to a fresh record Friday as Wall Street cheered a much better than expected US jobs report for April. European bourses also advanced following the US report, which set unemployment at a 49-year low. "No signs of a slowdown here," said James Knightley, chief international economist at ING. The US economy added 263,000 net new positions in April, well above the 200,000 forecasts by analysts. Unemployment fell two tenths to 3.6 per cent but the decline was in part because the pool of workers shrank and fewer people were looking for jobs, pulling them out of the labour force, the Labor Department reported. Even with the positive attributes to the April jobs data, the report showed wage inflation was measured, putting little pressure on the US Federal Reserve to boost interest rates, analysts said. "Neither too hot nor too cold," said Stephen Innes, head of trading at SPI, calling the US data "another Goldilocks" payroll report. "The US economy remains in the sweet spot with extremely robust labour markets driving strong consumption growth but apparently without stoking the inflationary fires," he said. The tech-rich Nasdaq climbed 1.6 per cent to 8,164.00, about two points above a record earlier in the week. Bourses in London, Paris and Frankfurt advanced modestly. Despite the strong jobs data, FTN Financial's Chris Low pointed to a report from the Institute for Supply Management that showed slowing services sector activity. "I don't think everything is quite as rosy as the jobs numbers suggest but for now traders are happy," FTN Financial's Chris Low told AFP. Low said investors were also cheered by news that Warren Buffett's Berkshire Hathaway had invested in Amazon, which jumped 3.2 per cent. "It's him (Buffett) signing off the on the US stock market rally," Low said. "It's not like him to make a high-profile buy at a market top." The billionaire all-star investor disclosed the move in an interview with CNBC. Buffett previously has lamented not getting into Amazon at an earlier stage, blaming "stupidity" for missing the opportunity in a 2017 interview. In commodities trading on Friday, oil prices rebounded after falling hard on Thursday in the wake of a surprisingly large build in US oil inventories. Some analysts viewed the increase as a reflection of the improved demand outlook for the US following the strong jobs data.

Nasdaq ends at record as global stocks cheers strong US jobs growth

Fox Corp debuted on the Nasdaq on Tuesday, marking a new phase for billionaire Rupert Murdoch's media business after the $71 billion sale of Twenty-First Century Fox Inc's film and television assets to Walt Disney Co.

The company also appointed former US House Speaker Paul Ryan, Chief Executive Officer of Formula One Group Chase Carey and two others to its board. Carey was president and chief operating officer at Twenty-First Century Fox from 2009 to 2015.

The newly spun-off media company, which will house assets including Fox News Channel and Fox Broadcast Network, is expected to bring in around $10 billion in annual revenue.

Brokerage MoffettNathanson had started covering Fox with "buy" rating last week ahead of the debut, saying Fox Broadcasting Network and Fox News are "an unrivaled pair of must-have" content that will drive strong, industry-leading revenue growth for years.

Meanwhile, Disney's deal got the last approval from Mexico's telecoms regulator last week, subject to conditions including the sale of Fox Sports channels.

The US Justice Department too has asked Disney, which owns cable sports network ESPN, to divest Fox's 22 networks that provide sports programming for regional and local markets.

Disney won a bidding war last year against cable company Comcast Corp to acquire Twenty-First Century's film and TV assets.

Share of the company was trading marginally down 0.9 per cent at $41.29 on Tuesday.

Fox Corp debuted on the Nasdaq on Tuesday, marking a new phase for billionaire Rupert Murdoch's media business after the $71 billion sale of Twenty-First Century Fox Inc's film and television assets to Walt Disney Co.

Fox Corp debuted on the Nasdaq on Tuesday, marking a new phase for billionaire Rupert Murdoch's media business after the $71 billion sale of Twenty-First Century Fox Inc's film and television assets to Walt Disney Co. The company also appointed former US House Speaker Paul Ryan, Chief Executive Officer of Formula One Group Chase Carey and two others to its board. Carey was president and chief operating officer at Twenty-First Century Fox from 2009 to 2015. The newly spun-off media company, which will house assets including Fox News Channel and Fox Broadcast Network, is expected to bring in around $10 billion in annual revenue. Brokerage MoffettNathanson had started covering Fox with "buy" rating last week ahead of the debut, saying Fox Broadcasting Network and Fox News are "an unrivaled pair of must-have" content that will drive strong, industry-leading revenue growth for years. Meanwhile, Disney's deal got the last approval from Mexico's telecoms regulator last week, subject to conditions including the sale of Fox Sports channels. The US Justice Department too has asked Disney, which owns cable sports network ESPN, to divest Fox's 22 networks that provide sports programming for regional and local markets. Disney won a bidding war last year against cable company Comcast Corp to acquire Twenty-First Century's film and TV assets. Share of the company was trading marginally down 0.9 per cent at $41.29 on Tuesday.

Murdoch's new Fox debuts on Nasdaq, names ex-Speaker Paul Ryan to board

US stocks rallied on Friday, helping Wall Street's major indexes advance for the fourth consecutive week, as increased hopes the United States and China would resolve their trade dispute lifted shares across sectors.

The market was boosted after a Bloomberg report said China sought to raise its annual goods imports from the United States by a combined value of more than $1 trillion in order to reduce its trade surplus to zero by 2024.

The news followed a report on Thursday that US Treasury Secretary Steven Mnuchin was considering lifting some or all tariffs imposed on Chinese imports. A Treasury spokesman denied Mnuchin had made any such recommendation.

A strong rally in January has put the benchmark S&amp;P 500 index on track for its best monthly gain since March 2016. The S&amp;P 500 is now 8.9 per cent below its September 20 record close after dropping 19.8 per cent below that level - near the 20-per cent threshold commonly considered to confirm a bear market - on Christmas Eve.

"It's risk-on again," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. "We've gotten an olive branch from China regarding trade. Obviously, there's been a very positive reaction from the market."

The Dow Jones Industrial Average rose 336.25 points, or 1.38 per cent, to 24,706.35, the S&amp;P 500 gained 34.75 points, or 1.32 per cent, to 2,670.71 and the Nasdaq Composite added 72.77 points, or 1.03 per cent, to 7,157.23.

For the week, the Dow rose 2.96 per cent, the S&amp;P 500 gained 2.87 per cent, and the Nasdaq added 2.66 per cent. All three indexes registered their biggest four-week percentage gain since October 2011.

US stock markets will be closed on Monday for the Martin Luther King Jr. holiday.

Industrial stocks rose 1.9 per cent, the second-most among the S&amp;P 500's major sectors, while the Philadelphia SE semiconductor index climbed 2.3 per cent. Both groups of shares have been sensitive to trade developments.

Technology stocks were the biggest boost to the S&amp;P 500, rising 1.5 per cent.

Even with the session's gains, relatively light trading volume during the week indicated some investors were still waiting on the sidelines. On Friday, volume on US exchanges was 7.99 billion shares, compared to the 8.44 billion average over the last 20 trading days.

"A lot of people have liquidated their positions coming into earnings so that they can react quickly as earnings come out," said Mark Otto, global market commentator at GTS in New York.

Analysts have lowered their fourth-quarter earnings forecast for S&amp;P 500 companies to 14.2 per cent year-over-year growth from 20.1 per cent estimated on October 1, according to IBES data from Refinitiv.

Shares of Schlumberger NV jumped 8.1 per cent after the oilfield services provider reported quarterly revenue that beat estimates.

Shares of Netflix Inc, however, fell 4.0 per cent after the video-streaming company forecast lower-than-expected revenue for the first quarter.

Advancing issues outnumbered declining ones on the NYSE by a 2.93-to-1 ratio; on Nasdaq, a 2.26-to-1 ratio favoured advancers.

The S&amp;P 500 posted three new 52-week highs and no new lows; the Nasdaq Composite recorded 32 new highs and 22 new lows. 
&nbsp;

For the week, the Dow rose 2.96 per cent, the S&P 500 gained 2.87 per cent, and the Nasdaq added 2.66 per cent.

US stocks rallied on Friday, helping Wall Street's major indexes advance for the fourth consecutive week, as increased hopes the United States and China would resolve their trade dispute lifted shares across sectors. The market was boosted after a Bloomberg report said China sought to raise its annual goods imports from the United States by a combined value of more than $1 trillion in order to reduce its trade surplus to zero by 2024. The news followed a report on Thursday that US Treasury Secretary Steven Mnuchin was considering lifting some or all tariffs imposed on Chinese imports. A Treasury spokesman denied Mnuchin had made any such recommendation. A strong rally in January has put the benchmark S&P 500 index on track for its best monthly gain since March 2016. The S&P 500 is now 8.9 per cent below its September 20 record close after dropping 19.8 per cent below that level - near the 20-per cent threshold commonly considered to confirm a bear market - on Christmas Eve. "It's risk-on again," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. "We've gotten an olive branch from China regarding trade. Obviously, there's been a very positive reaction from the market." The Dow Jones Industrial Average rose 336.25 points, or 1.38 per cent, to 24,706.35, the S&P 500 gained 34.75 points, or 1.32 per cent, to 2,670.71 and the Nasdaq Composite added 72.77 points, or 1.03 per cent, to 7,157.23. For the week, the Dow rose 2.96 per cent, the S&P 500 gained 2.87 per cent, and the Nasdaq added 2.66 per cent. All three indexes registered their biggest four-week percentage gain since October 2011. US stock markets will be closed on Monday for the Martin Luther King Jr. holiday. Industrial stocks rose 1.9 per cent, the second-most among the S&P 500's major sectors, while the Philadelphia SE semiconductor index climbed 2.3 per cent. Both groups of shares have been sensitive to trade developments. Technology stocks were the biggest boost to the S&P 500, rising 1.5 per cent. Even with the session's gains, relatively light trading volume during the week indicated some investors were still waiting on the sidelines. On Friday, volume on US exchanges was 7.99 billion shares, compared to the 8.44 billion average over the last 20 trading days. "A lot of people have liquidated their positions coming into earnings so that they can react quickly as earnings come out," said Mark Otto, global market commentator at GTS in New York. Analysts have lowered their fourth-quarter earnings forecast for S&P 500 companies to 14.2 per cent year-over-year growth from 20.1 per cent estimated on October 1, according to IBES data from Refinitiv. Shares of Schlumberger NV jumped 8.1 per cent after the oilfield services provider reported quarterly revenue that beat estimates. Shares of Netflix Inc, however, fell 4.0 per cent after the video-streaming company forecast lower-than-expected revenue for the first quarter. Advancing issues outnumbered declining ones on the NYSE by a 2.93-to-1 ratio; on Nasdaq, a 2.26-to-1 ratio favoured advancers. The S&P 500 posted three new 52-week highs and no new lows; the Nasdaq Composite recorded 32 new highs and 22 new lows.

Wall Street extends rally on US-China trade optimism

Wall Street swung to a loss on Monday as <a href="http://www.wionews.com/world/wall-street-starts-new-year-with-1-percent-slide-on-global-slowdown-jitters-187942">fears for the global economy dampened</a> investor sentiment just as earnings season got underway.

The finish in the red marked a second consecutive negative close, the first such back-to-back losses for US stocks in 2019.

The benchmark Dow Jones Industrial Average fell 0.4 per cent to close at 23,909.85 while the broader S&amp;P 500 lost 0.5 per cent, settling at 2,582.61.

The tech-heavy Nasdaq fell hardest, losing 0.9 per cent and closing at 6,905.92.

Early Monday, Chinese trade data had underscored worries about a slowdown in the world's second-biggest economy.

The country's exports fell 4.4 per cent in December from a year earlier, while imports dropped 7.6 per cent, reflecting sluggish demand at home and abroad.

"There is a concern that the global economy could slow down. The data for the last few months has supported the fact that the economy is slowing in China and around the globe," Adam Sarhan of 50 Park Investments told AFP.

"The global economy does well when China does well."

Sarhan added that the partial shutdown of the US government was also a worry for investors as it dragged into its fourth week.

"The stock market is concerned because eventually the shutdown will cause a significant slowdown on the economy," he said.

Meanwhile, Citigroup posted mixed results, with better-than-expected fourth-quarter earnings, in part due to lower expenses, but revenues that lagged expectations. One factor was a drop in Treasury bonds trading amid heavy market volatility.

Shares closed up sharply, adding nearly four per cent.

Oil prices also dipped $1.49 in New York, sending energy stocks lower. Exxon Mobil fell 0.2 per cent, while fellow supermajor Chevron fell 0.8 per cent.

Wall Street swung to a loss on Monday as fears for the global economy dampened investor sentiment just as earnings season got underway. The finish in the red marked a second consecutive negative close, the first such back-to-back losses for US stocks in 2019.

Wall Street swung to a loss on Monday as fears for the global economy dampened investor sentiment just as earnings season got underway. The finish in the red marked a second consecutive negative close, the first such back-to-back losses for US stocks in 2019. The benchmark Dow Jones Industrial Average fell 0.4 per cent to close at 23,909.85 while the broader S&P 500 lost 0.5 per cent, settling at 2,582.61. The tech-heavy Nasdaq fell hardest, losing 0.9 per cent and closing at 6,905.92. Early Monday, Chinese trade data had underscored worries about a slowdown in the world's second-biggest economy. The country's exports fell 4.4 per cent in December from a year earlier, while imports dropped 7.6 per cent, reflecting sluggish demand at home and abroad. "There is a concern that the global economy could slow down. The data for the last few months has supported the fact that the economy is slowing in China and around the globe," Adam Sarhan of 50 Park Investments told AFP. "The global economy does well when China does well." Sarhan added that the partial shutdown of the US government was also a worry for investors as it dragged into its fourth week. "The stock market is concerned because eventually the shutdown will cause a significant slowdown on the economy," he said. Meanwhile, Citigroup posted mixed results, with better-than-expected fourth-quarter earnings, in part due to lower expenses, but revenues that lagged expectations. One factor was a drop in Treasury bonds trading amid heavy market volatility. Shares closed up sharply, adding nearly four per cent. Oil prices also dipped $1.49 in New York, sending energy stocks lower. Exxon Mobil fell 0.2 per cent, while fellow supermajor Chevron fell 0.8 per cent.

Wall Street stocks slide on China slowdown, US earnings report

Asian markets rallied Monday after a blockbuster performance on <a href="http://www.wionews.com/world/wall-street-ekes-out-gains-apple-cuts-revenue-forecast-after-the-bell-187953">Wall Street as US jobs</a> data beat forecasts and the head of the Federal Reserve hinted at a slower pace of <a href="http://www.wionews.com/world/us-fed-could-rethink-rate-hikes-as-trump-trade-wars-drag-on-economy-185760">interest rate hikes</a>.

China's move to make it easier for banks to lend also provided support to equities, while investors keep an eye on Beijing as negotiators begin talks to end a trade war between the world's top two economies.

Dealers started the week on the front foot following a surge on Wall Street Friday that came after figures showed more than 300,000 US jobs were created in December, tempering recent concerns about growth.

Later that day, Fed boss Jerome Powell said the bank had no "pre-set" plan for raising borrowing costs and was keeping a close watch on financial developments.

"We're listening... sensitively to the message that markets are sending and we'll be taking those downside risks into account as we make policy going forward," he told a gathering of economists.

The news was music to the ears of traders, who have been fretting that the Fed would press on with its rate hike cycle, making it more expensive to borrow for investment.

The comments saw the Dow pile on more than three per cent while the Nasdaq was more than four per cent higher.

They also overshadowed the budget gridlock on Capitol Hill that has shut down the US government, with Donald Trump warning it could go on for years if he is not given funding to build a wall on the Mexican border.

And the gains filtered through to Asia, where Tokyo's Nikkei ended the morning session 2.8 per cent higher, while Sydney gained 1.3 per cent and Seoul jumped 1.6 per cent.

Taipei surged two per cent and Manila was up 1.7 per cent with Jakarta 1.1 per cent up.

Risk on 'stable footing'&nbsp;

Hong Kong jumped more than one per cent and Shanghai was 0.7 per cent higher, with buying also boosted by news that the People's Bank of China had cut the amount of cash banks must keep in reserve.

The move aims to free up funds for lending in a bid to grease the economy's wheels following a string of weak data that has raised questions about the outlook.

There was also some optimism as Chinese and US officials kicked off talks to find a solution to the trade war that has seen the two sides impose tariffs in hundreds of billions of dollars worth of goods.

The row was a key factor behind the big losses on global markets last year and any move to bring it to an end will be cheered on trading floors.

Trump on Friday raised hopes for an agreement, saying: "I think we will make a deal with China."

Stephen Innes, head of Asia-Pacific trade at OANDA, said: "Risk sentiment is on more stable footing than we opened 2019 as a confluence of factors including the (China reserve rate) cut, China and the US... holding trade talks this week and of course Chair Powell's comments."

All, he said, were "market-friendly developments".&nbsp;

The upbeat mood gave a lift to high-yielding currencies, with South Korea's won and the Indonesian rupiah soaring against the dollar, while there were also healthy gains for Australia's dollar.

Oil was also benefitting, with both contracts up more than one per cent thanks to the wave of positive headlines.

But while there was a sense of hope, analysts remain cagey about the coming months.

"I do think going forward you are probably not likely to see that type of move where equities sell off 20 per cent in the space of six weeks, but generally volatility will be higher than what you saw in 2017 and the first half of 2018," Raymond Lee, managing director and portfolio manager at Kapstream Capital, told Bloomberg TV. 
&nbsp;

Dealers started the week on the front foot following a surge on Wall Street Friday that came after figures showed more than 300,000 US jobs were created in December.

Asian markets rallied Monday after a blockbuster performance on Wall Street as US jobs data beat forecasts and the head of the Federal Reserve hinted at a slower pace of interest rate hikes. China's move to make it easier for banks to lend also provided support to equities, while investors keep an eye on Beijing as negotiators begin talks to end a trade war between the world's top two economies. Dealers started the week on the front foot following a surge on Wall Street Friday that came after figures showed more than 300,000 US jobs were created in December, tempering recent concerns about growth. Later that day, Fed boss Jerome Powell said the bank had no "pre-set" plan for raising borrowing costs and was keeping a close watch on financial developments. "We're listening... sensitively to the message that markets are sending and we'll be taking those downside risks into account as we make policy going forward," he told a gathering of economists. The news was music to the ears of traders, who have been fretting that the Fed would press on with its rate hike cycle, making it more expensive to borrow for investment. The comments saw the Dow pile on more than three per cent while the Nasdaq was more than four per cent higher. They also overshadowed the budget gridlock on Capitol Hill that has shut down the US government, with Donald Trump warning it could go on for years if he is not given funding to build a wall on the Mexican border. And the gains filtered through to Asia, where Tokyo's Nikkei ended the morning session 2.8 per cent higher, while Sydney gained 1.3 per cent and Seoul jumped 1.6 per cent. Taipei surged two per cent and Manila was up 1.7 per cent with Jakarta 1.1 per cent up. Risk on 'stable footing' Hong Kong jumped more than one per cent and Shanghai was 0.7 per cent higher, with buying also boosted by news that the People's Bank of China had cut the amount of cash banks must keep in reserve. The move aims to free up funds for lending in a bid to grease the economy's wheels following a string of weak data that has raised questions about the outlook. There was also some optimism as Chinese and US officials kicked off talks to find a solution to the trade war that has seen the two sides impose tariffs in hundreds of billions of dollars worth of goods. The row was a key factor behind the big losses on global markets last year and any move to bring it to an end will be cheered on trading floors. Trump on Friday raised hopes for an agreement, saying: "I think we will make a deal with China." Stephen Innes, head of Asia-Pacific trade at OANDA, said: "Risk sentiment is on more stable footing than we opened 2019 as a confluence of factors including the (China reserve rate) cut, China and the US... holding trade talks this week and of course Chair Powell's comments." All, he said, were "market-friendly developments". The upbeat mood gave a lift to high-yielding currencies, with South Korea's won and the Indonesian rupiah soaring against the dollar, while there were also healthy gains for Australia's dollar. Oil was also benefitting, with both contracts up more than one per cent thanks to the wave of positive headlines. But while there was a sense of hope, analysts remain cagey about the coming months. "I do think going forward you are probably not likely to see that type of move where equities sell off 20 per cent in the space of six weeks, but generally volatility will be higher than what you saw in 2017 and the first half of 2018," Raymond Lee, managing director and portfolio manager at Kapstream Capital, told Bloomberg TV.

Asia markets rally after Wall Sreet surge as US-China trade talks begin

Apple plunged at the start of trading on Thursday, <a href="http://www.wionews.com/business-economy/apple-cuts-forecast-citing-weak-china-sales-amid-trade-tensions-187959">weighing on the broader market</a> after the tech giant cut its sales forecast due to weakness in China.

About 12 minutes into trading, the tech-rich Nasdaq Composite Index fell 1.3 per cent to 6,580.30, with Apple shedding about 8.8 per cent.

The Dow Jones Industrial Average tumbled 1.4 per cent to 23,027.14, while the broad-based S&amp;P 500 slid 1.0 per cent to 2,486.25.

Apple Chief Executive Tim Cook had said Wednesday that iPhone sales had been dented by steeper-than-expected "economic deceleration" in China, the latest sign of sluggishness in the world's second-biggest economy as a trade war between Beijing and Washington drags out.

Thursday's early losses on Wall Street were a sign that the stock market's struggles at the end of 2018 could extend well into the New Year as investors assess the impact of trade wars, Federal Reserve interest rate hikes and a US government shutdown.

"Against the backdrop of financial-market volatility, the government shutdown seems more threatening," said FTN Financial's Chris Low, describing the lack of progress in talks between President Donald Trump and congressional Democratic leaders.

On the positive side, an ADP employment report showed private-sector firms added 271,000 jobs in December, well above analyst forecasts.&nbsp;

The data came ahead of Friday's more closely-watched Department of Labor report. Analysts expect the US added 180,000 jobs last month and unemployment held at 3.7 per cent.

Drug company Celgene surged 28.7 per cent after it reached a deal to be bought by the larger pharma company Bristol-Myers Squibb for $74 billion. Bristol-Myers fell 12 per cent. 
&nbsp;

Apple plunged at the start of trading on Thursday, weighing on the broader market after the tech giant cut its sales forecast due to weakness in China. About 12 minutes into trading, the tech-rich Nasdaq Composite Index fell 1.

Apple plunged at the start of trading on Thursday, weighing on the broader market after the tech giant cut its sales forecast due to weakness in China. About 12 minutes into trading, the tech-rich Nasdaq Composite Index fell 1.3 per cent to 6,580.30, with Apple shedding about 8.8 per cent. The Dow Jones Industrial Average tumbled 1.4 per cent to 23,027.14, while the broad-based S&P 500 slid 1.0 per cent to 2,486.25. Apple Chief Executive Tim Cook had said Wednesday that iPhone sales had been dented by steeper-than-expected "economic deceleration" in China, the latest sign of sluggishness in the world's second-biggest economy as a trade war between Beijing and Washington drags out. Thursday's early losses on Wall Street were a sign that the stock market's struggles at the end of 2018 could extend well into the New Year as investors assess the impact of trade wars, Federal Reserve interest rate hikes and a US government shutdown. "Against the backdrop of financial-market volatility, the government shutdown seems more threatening," said FTN Financial's Chris Low, describing the lack of progress in talks between President Donald Trump and congressional Democratic leaders. On the positive side, an ADP employment report showed private-sector firms added 271,000 jobs in December, well above analyst forecasts. The data came ahead of Friday's more closely-watched Department of Labor report. Analysts expect the US added 180,000 jobs last month and unemployment held at 3.7 per cent. Drug company Celgene surged 28.7 per cent after it reached a deal to be bought by the larger pharma company Bristol-Myers Squibb for $74 billion. Bristol-Myers fell 12 per cent.

Apple stocks plunge over China report; Dow, Nasdaq down

Wall Street shares plunged for a fourth straight session Monday as investors panned Treasury Secretary Steven Mnuchin's efforts to try to reassure markets.

Mnuchin on Sunday held a phone call with the six biggest US banks, reporting on Twitter that the CEOs have "ample liquidity" available. But market watchers said Mnuchin's efforts raised fresh doubts about the US economic outlook, contributing to Monday's retreat in a holiday-shortened session.

The broad-based S&amp;P 500 finished down 2.7 per cent, a bitter finale to the lead-up to Tuesday's Christmas holiday, when markets will be closed. Light trading volume likely exacerbated the losses.

CNBC called the session the "worst Christmas Eve error" in terms of losses.&nbsp;

"There's simply no buyers out there," said Manulife AM senior portfolio manager Nate Thooft. "Nobody is really willing to step in and take a stand that this is the bottom."

Earlier, Paris and London both finished lower, while Frankfurt was closed.&nbsp;

All three major European markets will reopen Thursday.

Oil prices also continued to pull back on worries about slowing growth. US benchmark West Texas Intermediate dropped 6.7 per cent to $42.53 a barrel.

Monday's sell-off in New York was a continuation of the negative momentum from last week when both the Dow and Nasdaq suffered their biggest weekly losses since the financial crisis in late 2008.&nbsp;

Key drivers included upset at the Federal Reserve's latest interest rate hike, the shock resignation of Defense Secretary Jim Mattis, the ongoing US-China trade war and a US government shutdown triggered Friday at midnight following unsuccessful budget negotiations between President Donald Trump and congressional Democrats.

But there were more surprising headlines over the weekend, normally a sleepy news period near the peak time of the festive season.

Mnuchin on Saturday released a statement on Twitter quoting US President Donald Trump as denying any plans to fire Fed Chairman Jay Powell following media reports that Trump had privately asked cabinet members if he has the authority to dismiss the Fed chief.

On Sunday, Mnuchin on Twitter chronicled the phone call with heads of Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo, who confirmed that they face no liquidity issues and "markets continue to function properly."

Deeper problems?

Analysts expressed both surprise and alarm at Mnuchin's Sunday statement, saying it might do the opposite of calming current jitters.

"One of the risks... of making this kind of statement is that it could make market participants concerned that there was in fact a deeper issue at hand, if they were not already concerned in the first place," noted currency analyst Fritz Louw at financial group MUFG.

"It simply adds to the uncertainty that is already roiling markets."

Some analysts were also unnerved the reports over a possible Powell firing.

"If Trump tries to remove Powell, it could throw the financial markets into deep chaos that makes the current market turmoil look tame," said a note from Oxford Economics.

Trump on Monday did not address the potential Powell dismissal, but amplified his criticism of the central bank, in his first comment on the Fed since last week's interest rate hike.

"The only problem our economy has is the Fed. They don't have a feel for the Market, they don't understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch - he can't putt!" Trump tweeted.

Thooft said he was skeptical Trump would actually fire Powell, viewing the latest comment as a continuation of the president's criticism of the agency.

"This is an administration who has been taking credit for two years on market highs and so now he's looking for someone to potentially blame now that the market has gone down 20 per cent," Thooft said. &nbsp;

Wall Street shares plunged for a fourth straight session Monday as investors panned Treasury Secretary Steven Mnuchin's efforts to try to reassure markets. Mnuchin on Sunday held a phone call with the six biggest US banks, reporting on Twitter that the CEOs have "ample liquidity" available.

Wall Street shares plunged for a fourth straight session Monday as investors panned Treasury Secretary Steven Mnuchin's efforts to try to reassure markets. Mnuchin on Sunday held a phone call with the six biggest US banks, reporting on Twitter that the CEOs have "ample liquidity" available. But market watchers said Mnuchin's efforts raised fresh doubts about the US economic outlook, contributing to Monday's retreat in a holiday-shortened session. The broad-based S&P 500 finished down 2.7 per cent, a bitter finale to the lead-up to Tuesday's Christmas holiday, when markets will be closed. Light trading volume likely exacerbated the losses. CNBC called the session the "worst Christmas Eve error" in terms of losses. "There's simply no buyers out there," said Manulife AM senior portfolio manager Nate Thooft. "Nobody is really willing to step in and take a stand that this is the bottom." Earlier, Paris and London both finished lower, while Frankfurt was closed. All three major European markets will reopen Thursday. Oil prices also continued to pull back on worries about slowing growth. US benchmark West Texas Intermediate dropped 6.7 per cent to $42.53 a barrel. Monday's sell-off in New York was a continuation of the negative momentum from last week when both the Dow and Nasdaq suffered their biggest weekly losses since the financial crisis in late 2008. Key drivers included upset at the Federal Reserve's latest interest rate hike, the shock resignation of Defense Secretary Jim Mattis, the ongoing US-China trade war and a US government shutdown triggered Friday at midnight following unsuccessful budget negotiations between President Donald Trump and congressional Democrats. But there were more surprising headlines over the weekend, normally a sleepy news period near the peak time of the festive season. Mnuchin on Saturday released a statement on Twitter quoting US President Donald Trump as denying any plans to fire Fed Chairman Jay Powell following media reports that Trump had privately asked cabinet members if he has the authority to dismiss the Fed chief. On Sunday, Mnuchin on Twitter chronicled the phone call with heads of Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo, who confirmed that they face no liquidity issues and "markets continue to function properly." Deeper problems? Analysts expressed both surprise and alarm at Mnuchin's Sunday statement, saying it might do the opposite of calming current jitters. "One of the risks... of making this kind of statement is that it could make market participants concerned that there was in fact a deeper issue at hand, if they were not already concerned in the first place," noted currency analyst Fritz Louw at financial group MUFG. "It simply adds to the uncertainty that is already roiling markets." Some analysts were also unnerved the reports over a possible Powell firing. "If Trump tries to remove Powell, it could throw the financial markets into deep chaos that makes the current market turmoil look tame," said a note from Oxford Economics. Trump on Monday did not address the potential Powell dismissal, but amplified his criticism of the central bank, in his first comment on the Fed since last week's interest rate hike. "The only problem our economy has is the Fed. They don't have a feel for the Market, they don't understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch - he can't putt!" Trump tweeted. Thooft said he was skeptical Trump would actually fire Powell, viewing the latest comment as a continuation of the president's criticism of the agency. "This is an administration who has been taking credit for two years on market highs and so now he's looking for someone to potentially blame now that the market has gone down 20 per cent," Thooft said.

Wall Street battered for fourth straight session as US Treasury chief fails to reassure

Wall Street was heading for another rout early Monday amid turmoil in Washington, with the Dow losing as much as two per cent after its worst week since the 2008 financial crisis.

At 1525 GMT, the Dow Jones Industrial Average was at 22,124.44, down 1.4 per cent after earlier sliding two per cent.

The broad-based S&amp;P 500 fell 1.3 per cent to 2,384.14, while the tech-rich Nasdaq Composite Index shed 1.0 per cent to 6,270.13.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
The only problem our economy has is the Fed. They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch - he can’t putt!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1077231267559755776?ref_src=twsrc%5Etfw">December 24, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The declines came as Treasury Secretary Steven Mnunchin was set to hold a telephone conference with top US market regulators, another effort to reassure market that analysts say may be backfiring.

On Sunday, the Treasury leader announced that he phoned top executives of the nation's six largest banks and confirmed they have adequate liquidity.

But the statement "was not especially comforting, however, given that investors had not generally been questioning market functioning in recent days, despite large declines," said a note from Wells Fargo.

The Treasury Secretary on Saturday released a statement on Twitter quoting US President Donald Trump as denying any plans to&nbsp;fire Fed Chairman Jay Powell following media reports that Trump had privately asked cabinet members if he has the authority to dismiss the Fed chief.

"It might be more reassuring if Trump himself tweeted these comments, but then again Trump has demonstrated his propensity to flip-flop on issues as he did with his stance on the current government shutdown," said a note from Oxford Economics.

"If Trump tries to remove Powell, it could throw the financial markets into deep chaos that makes the current market turmoil look tame."

Last week was the Dow and Nasdaq's worst since the 2008 financial crisis.&nbsp;

Key drivers included upset at the Federal Reserve's latest interest rate hike, the shock resignation of Defense Secretary Jim Mattis, the ongoing US-China trade war and a US government shutdown triggered Friday at midnight following unsuccessful budget negotiations between President Donald Trump and congressional Democrats.

Monday's session will close at midday ahead of Tuesday's Christmas holiday when markets will be closed. Volume was expected to be light, which could sharpen trading moves.

Wall Street was heading for another rout early Monday amid turmoil in Washington, with the Dow losing as much as two per cent after its worst week since the 2008 financial crisis.

Wall Street was heading for another rout early Monday amid turmoil in Washington, with the Dow losing as much as two per cent after its worst week since the 2008 financial crisis. At 1525 GMT, the Dow Jones Industrial Average was at 22,124.44, down 1.4 per cent after earlier sliding two per cent. The broad-based S&P 500 fell 1.3 per cent to 2,384.14, while the tech-rich Nasdaq Composite Index shed 1.0 per cent to 6,270.13. The only problem our economy has is the Fed. They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch - he can’t putt! — Donald J. Trump (@realDonaldTrump) December 24, 2018 × The declines came as Treasury Secretary Steven Mnunchin was set to hold a telephone conference with top US market regulators, another effort to reassure market that analysts say may be backfiring. On Sunday, the Treasury leader announced that he phoned top executives of the nation's six largest banks and confirmed they have adequate liquidity. But the statement "was not especially comforting, however, given that investors had not generally been questioning market functioning in recent days, despite large declines," said a note from Wells Fargo. The Treasury Secretary on Saturday released a statement on Twitter quoting US President Donald Trump as denying any plans to fire Fed Chairman Jay Powell following media reports that Trump had privately asked cabinet members if he has the authority to dismiss the Fed chief. "It might be more reassuring if Trump himself tweeted these comments, but then again Trump has demonstrated his propensity to flip-flop on issues as he did with his stance on the current government shutdown," said a note from Oxford Economics. "If Trump tries to remove Powell, it could throw the financial markets into deep chaos that makes the current market turmoil look tame." Last week was the Dow and Nasdaq's worst since the 2008 financial crisis. Key drivers included upset at the Federal Reserve's latest interest rate hike, the shock resignation of Defense Secretary Jim Mattis, the ongoing US-China trade war and a US government shutdown triggered Friday at midnight following unsuccessful budget negotiations between President Donald Trump and congressional Democrats. Monday's session will close at midday ahead of Tuesday's Christmas holiday when markets will be closed. Volume was expected to be light, which could sharpen trading moves.

Wall Street stocks continue to slide over US government shutdown

Wall Street ended its worst week in a decade with more bruising losses Friday, and with the tech-rich Nasdaq entering a bear market amid worries about trade wars and a possible <a href="http://www.wionews.com/world/us-government-shuts-down-at-midnight-as-house-adjourns-with-no-deal-185738">US government shutdown</a>.

The Nasdaq and Dow suffered their worst weeks since the start of the global financial crisis as the US-China trade dispute returning to the forefront and amid continued concerns about the <a href="http://www.wionews.com/business-economy/us-federal-reserve-hikes-interest-rates-wall-street-stocks-tumble-185385">Federal Reserve's plans for interest rate increases</a>.

"It has been a remarkably terrible trading week for financial markets amid concerns over rising US interest rates, decelerating global growth, Brexit uncertainty and chaos in Washington," said Lukman Otunuga, a research analyst at FXTM.

The Dow Jones Industrial Average finished the week with a loss of nearly seven per cent, after losing 1.8 per cent or more than 400 points Friday, to close at 22,445.37.&nbsp;

Markets elsewhere were mixed, with European bourses flat or rising slightly, while Tokyo slid.

The Wall Street decline came as Washington teetered towards a likely government shutdown as US President Donald Trump dug in on threats to close if congressional Democrats continue to refuse his demand for funds to build a wall on the border of Mexico.

Thousands of US government employees could be furloughed without a paycheck right before the end-of-year holidays if Trump and congressional Democrats fail to strike a deal by midnight (0500 GMT Saturday).

Hardline voices

With that deadline looming, investors received another jolt in the final hour of trading when White House advisor Peter Navarro delivered hardline comments on the ongoing trade talks with China.

"China is basically trying to steal the future of Japan, the US and Europe, by going after our technology," Navarro, a longtime China hawk, told the Japan's Nikkei news agency in an interview conducted Thursday but published Friday.

And he said China must address all US concerns about its trade policies, saying there are "no half-measures."

Investors also have been anxious over the surprise resignation of Defense Secretary Jim Mattis, who laid out significant policy disagreements with the US president in his letter to Trump which he made public.

"We are in a fragile environment," said Gregori Volokhine of Meeschaert Financial Services.&nbsp;

"The extremist position is winning in the Trump administration, not just on trade but on everything."

Investors have been unnerved by the Federal Reserve's decision to raise interest rates this week, and projecting it would continue to raise next year.

New York Federal Reserve Bank President John Williams on Friday tried to tamp down market concerns, opening the door to a more benign monetary policy in 2019, saying the Fed was listening to the fears about the risks and will "be ready to reassess and re-evaluate our views and our policy stance."

Stocks briefly rallied on Williams remarks, but fell quickly back into the red.

Wall Street ended its worst week in a decade with more bruising losses Friday, and with the tech-rich Nasdaq entering a bear market amid worries about trade wars and a possible US government shutdown.

Wall Street ended its worst week in a decade with more bruising losses Friday, and with the tech-rich Nasdaq entering a bear market amid worries about trade wars and a possible US government shutdown. The Nasdaq and Dow suffered their worst weeks since the start of the global financial crisis as the US-China trade dispute returning to the forefront and amid continued concerns about the Federal Reserve's plans for interest rate increases. "It has been a remarkably terrible trading week for financial markets amid concerns over rising US interest rates, decelerating global growth, Brexit uncertainty and chaos in Washington," said Lukman Otunuga, a research analyst at FXTM. The Dow Jones Industrial Average finished the week with a loss of nearly seven per cent, after losing 1.8 per cent or more than 400 points Friday, to close at 22,445.37. Markets elsewhere were mixed, with European bourses flat or rising slightly, while Tokyo slid. The Wall Street decline came as Washington teetered towards a likely government shutdown as US President Donald Trump dug in on threats to close if congressional Democrats continue to refuse his demand for funds to build a wall on the border of Mexico. Thousands of US government employees could be furloughed without a paycheck right before the end-of-year holidays if Trump and congressional Democrats fail to strike a deal by midnight (0500 GMT Saturday). Hardline voices With that deadline looming, investors received another jolt in the final hour of trading when White House advisor Peter Navarro delivered hardline comments on the ongoing trade talks with China. "China is basically trying to steal the future of Japan, the US and Europe, by going after our technology," Navarro, a longtime China hawk, told the Japan's Nikkei news agency in an interview conducted Thursday but published Friday. And he said China must address all US concerns about its trade policies, saying there are "no half-measures." Investors also have been anxious over the surprise resignation of Defense Secretary Jim Mattis, who laid out significant policy disagreements with the US president in his letter to Trump which he made public. "We are in a fragile environment," said Gregori Volokhine of Meeschaert Financial Services. "The extremist position is winning in the Trump administration, not just on trade but on everything." Investors have been unnerved by the Federal Reserve's decision to raise interest rates this week, and projecting it would continue to raise next year. New York Federal Reserve Bank President John Williams on Friday tried to tamp down market concerns, opening the door to a more benign monetary policy in 2019, saying the Fed was listening to the fears about the risks and will "be ready to reassess and re-evaluate our views and our policy stance." Stocks briefly rallied on Williams remarks, but fell quickly back into the red.

Third straight rout end worst weak for Dow, Nasdaq since 2008 crisis

Wall Street suffered its second straight rout Thursday as worries about a <a href="http://www.wionews.com/world/trump-refuses-to-sign-us-government-shutdown-legislation-over-mexico-wall-funding-185571">US government shutdown added</a> to upset at the Federal Reserve's latest interest rate hike.

The Dow Jones Industrial Average ended 2.0 per cent lower at 22,859.60, a loss of 460 points.

The broad-based S&amp;P 500 slid 1.6 per cent to 2,467.42, while the tech-rich Nasdaq Composite Index slumped 1.6 per cent to 6,528.41.

A bruising December has set up Wall Street for its worst year since the financial crisis. The S&amp;P 500 is currently down 7.7 per cent for the year and the Nasdaq is on the verge of a "bear market," which is a drop of 20 per cent from its peak this year.

The latest pullback came after Republican congressional leaders told reporters President Donald Trump would not sign a stopgap spending bill because it does not contain border wall funding.

The US government only has funding to operate through December 21, and without an agreement will have to shut down.

Trump's rejection sent lawmakers scrambling for a new compromise, although Democrats have stood firm saying they will not support a spending measure that funds Trump's wall on the US-Mexico border.

The revived possibility of a shutdown worsened the downbeat mood on markets after the Federal Reserve announced another interest rate hike on Wednesday and made only subtle adjustments to the course of monetary policy tightening next year despite rising worries about global growth and a big pullback in the stock market.

Analysts also said the US indictment of two Chinese hackers tied to Beijing's security services reminded investors of the unsettled state of US-China trade relations.

"We have a trade war, the economy weakening, and now the possibility of a shutdown," said Peter Cardillo of Spartan Capital Securities. "All that is feeding by itself." 
&nbsp;

Wall Street suffered its second straight rout Thursday as worries about a US government shutdown added to upset at the Federal Reserve's latest interest rate hike.

Wall Street suffered its second straight rout Thursday as worries about a US government shutdown added to upset at the Federal Reserve's latest interest rate hike. The Dow Jones Industrial Average ended 2.0 per cent lower at 22,859.60, a loss of 460 points. The broad-based S&P 500 slid 1.6 per cent to 2,467.42, while the tech-rich Nasdaq Composite Index slumped 1.6 per cent to 6,528.41. A bruising December has set up Wall Street for its worst year since the financial crisis. The S&P 500 is currently down 7.7 per cent for the year and the Nasdaq is on the verge of a "bear market," which is a drop of 20 per cent from its peak this year. The latest pullback came after Republican congressional leaders told reporters President Donald Trump would not sign a stopgap spending bill because it does not contain border wall funding. The US government only has funding to operate through December 21, and without an agreement will have to shut down. Trump's rejection sent lawmakers scrambling for a new compromise, although Democrats have stood firm saying they will not support a spending measure that funds Trump's wall on the US-Mexico border. The revived possibility of a shutdown worsened the downbeat mood on markets after the Federal Reserve announced another interest rate hike on Wednesday and made only subtle adjustments to the course of monetary policy tightening next year despite rising worries about global growth and a big pullback in the stock market. Analysts also said the US indictment of two Chinese hackers tied to Beijing's security services reminded investors of the unsettled state of US-China trade relations. "We have a trade war, the economy weakening, and now the possibility of a shutdown," said Peter Cardillo of Spartan Capital Securities. "All that is feeding by itself."

Wall Street stocks slump over US government shutdown fears

Oil prices retreated on Friday amid a global glut, racking up a 20 per cent drop for November, while world equity markets were mixed ahead of weekend talks between US&nbsp;President Donald Trump and Chinese leader Xi Jinping.

US shares, however, turned positive midday after a Chinese official said at the Group of 20 industrialized nations summit in Argentina that the United States and China were making progress on trade talks.

"Consensus is steadily increasing," Wang Xiaolong, director general of the Chinese Foreign Ministry's department of international economic affairs, told Reuters on the sidelines of the summit.

The S&amp;P 500 and Nasdaq posted their biggest weekly percentage gains in nearly seven years on trade hopes and after the US Federal Reserve hinted this week at a more dovish approach to interest rate hikes.&nbsp;

In Europe, Frankfurt's had its worst run since late 2008, weighed by Deutsche Bank shares falling to an all-time low as police searched the bank's headquarters for a second day in a money laundering scandal linked to the Panama Papers.

MSCI's gauge of stocks across the globe shed 0.10 per cent, while the pan-European STOXX 600 index&nbsp;lost 0.17 per cent.

On Wall Street, the Dow Jones Industrial Average rose 199.62 points, or 0.79 per cent, to 25,538.46, the S&amp;P 500 &nbsp;gained 22.4 points, or 0.82 per cent, to 2,760.16 and the Nasdaq Composite added 57.45 points, or 0.79 per cent, to 7,330.54.

November's real humdingers have been oil and shares of Apple Inc, which have plunged 21 per cent and 18 per cent, respectively, the biggest declines for both since the financial crisis a decade ago.

Swelling oil inventories depressed sentiment and oil prices, despite widespread expectations that OPEC and Russia would agree on some form of production cut next week. OPEC and its allies are meeting in Vienna next week to discuss oil output.&nbsp;

Ucrude fell 1.69 per cent to $50.58 per barrel and Brent was last at $58.68, down 1.39 per cent on the day.

Markets could have a wild December if Trump and Xi fail to de-escalate their trade rhetoric during talks at this weekend's G20 meeting in Argentina.

"The three key issues that people are really focusing on are how dovish is the Fed going to be going forward, how are trade relations with China going to play out, and what's going on in the oil markets," said Charlie Ripley, senior market strategist for Allianz Investment Management in Minneapolis.

"But as we get better news, that's helped lift the markets," Ripley added. "That's why we're seeing a week like this week."

Trump pointed to positive signs in trade talks, saying on Friday, "We're working very hard. If we could make a deal, that would be good. I think they want to. I think we'd like to."

Still, the dollar rose as investors prepared for fallout from the talks, which are expected to increase volatility across markets.

The dollar index, tracking the greenback against six major currencies, rose 0.46 per cent, with the euro&nbsp;down 0.66 per cent to $1.1316.

Oil prices retreated on Friday amid a global glut, racking up a 20 per cent drop for November, while world equity markets were mixed ahead of weekend talks between US President Donald Trump and Chinese leader Xi Jinping.

Oil prices retreated on Friday amid a global glut, racking up a 20 per cent drop for November, while world equity markets were mixed ahead of weekend talks between US President Donald Trump and Chinese leader Xi Jinping. US shares, however, turned positive midday after a Chinese official said at the Group of 20 industrialized nations summit in Argentina that the United States and China were making progress on trade talks. "Consensus is steadily increasing," Wang Xiaolong, director general of the Chinese Foreign Ministry's department of international economic affairs, told Reuters on the sidelines of the summit. The S&P 500 and Nasdaq posted their biggest weekly percentage gains in nearly seven years on trade hopes and after the US Federal Reserve hinted this week at a more dovish approach to interest rate hikes. In Europe, Frankfurt's had its worst run since late 2008, weighed by Deutsche Bank shares falling to an all-time low as police searched the bank's headquarters for a second day in a money laundering scandal linked to the Panama Papers. MSCI's gauge of stocks across the globe shed 0.10 per cent, while the pan-European STOXX 600 index lost 0.17 per cent. On Wall Street, the Dow Jones Industrial Average rose 199.62 points, or 0.79 per cent, to 25,538.46, the S&P 500 gained 22.4 points, or 0.82 per cent, to 2,760.16 and the Nasdaq Composite added 57.45 points, or 0.79 per cent, to 7,330.54. November's real humdingers have been oil and shares of Apple Inc, which have plunged 21 per cent and 18 per cent, respectively, the biggest declines for both since the financial crisis a decade ago. Swelling oil inventories depressed sentiment and oil prices, despite widespread expectations that OPEC and Russia would agree on some form of production cut next week. OPEC and its allies are meeting in Vienna next week to discuss oil output. Ucrude fell 1.69 per cent to $50.58 per barrel and Brent was last at $58.68, down 1.39 per cent on the day. Markets could have a wild December if Trump and Xi fail to de-escalate their trade rhetoric during talks at this weekend's G20 meeting in Argentina. "The three key issues that people are really focusing on are how dovish is the Fed going to be going forward, how are trade relations with China going to play out, and what's going on in the oil markets," said Charlie Ripley, senior market strategist for Allianz Investment Management in Minneapolis. "But as we get better news, that's helped lift the markets," Ripley added. "That's why we're seeing a week like this week." Trump pointed to positive signs in trade talks, saying on Friday, "We're working very hard. If we could make a deal, that would be good. I think they want to. I think we'd like to." Still, the dollar rose as investors prepared for fallout from the talks, which are expected to increase volatility across markets. The dollar index, tracking the greenback against six major currencies, rose 0.46 per cent, with the euro down 0.66 per cent to $1.1316.

Global markets: Oil tumbles on supply glut; Wall Street up on G20 comments

Wall Street stocks suffered a <a href="http://www.wionews.com/business-economy/wall-street-tumbles-as-apple-internet-stocks-swoon-178366">second consecutive battering</a> on Tuesday, with weakness in the technology sector spreading to other areas, especially energy and retail.

The Dow Jones Industrial Average plunged 2.2 per cent, or more than 550 points, to finish at 24,465.64, wiping out its gains for the year and then some.

The broad-based S&amp;P 500 shed 1.8 per cent to 2,641.89, while the tech-rich Nasdaq Composite Index fell 1.7 per cent to 6,908.82.&nbsp;

After Tuesday, the Nasdaq was the only one of the three indices still clinging to a modest gain for the year, but stood at its lowest levels in more than seven months.&nbsp;

"Today was again a big sell-off," said JJ Kinahan, chief market strategist at TD Ameritrade. "Investors are repricing stocks."

Analysts have blamed the weakness on worries about slowing global growth exacerbated by a series of Federal Reserve interest rate hikes and the burgeoning US-China trade dispute.&nbsp;

Some market watchers have said the fall has been exacerbated by light trading volumes this week ahead of Thursday's Thanksgiving holidays when markets will be closed.

Most large technology companies dropped again, including Apple and Microsoft, which shed 4.8 per cent and 2.8 per cent respectively. Amazon and Netflix fell more modestly, while Google parent Alphabet and Facebook advanced modestly in apparent bargain hunting.

Petroleum-linked shares were another weak segment, with Dow members ExxonMobil and Chevron plunging nearly three per cent and Apache shedding 5.1 per cent.

The losses came after benchmark US oil prices slid 6.6 per cent to $53.43 per barrel, the lowest level in more than a year, amid worries over excess supply.

Leading retailers mostly fell following mixed earnings reports, with Target dropping 10.5 per cent, Lowe's 5.7 per cent and Kohl's 9.2 per cent. An exception was Best Buy, which advanced 2.2 per cent.

Wall Street stocks suffered a second consecutive battering on Tuesday, with weakness in the technology sector spreading to other areas, especially energy and retail.

Wall Street stocks suffered a second consecutive battering on Tuesday, with weakness in the technology sector spreading to other areas, especially energy and retail. The Dow Jones Industrial Average plunged 2.2 per cent, or more than 550 points, to finish at 24,465.64, wiping out its gains for the year and then some. The broad-based S&P 500 shed 1.8 per cent to 2,641.89, while the tech-rich Nasdaq Composite Index fell 1.7 per cent to 6,908.82. After Tuesday, the Nasdaq was the only one of the three indices still clinging to a modest gain for the year, but stood at its lowest levels in more than seven months. "Today was again a big sell-off," said JJ Kinahan, chief market strategist at TD Ameritrade. "Investors are repricing stocks." Analysts have blamed the weakness on worries about slowing global growth exacerbated by a series of Federal Reserve interest rate hikes and the burgeoning US-China trade dispute. Some market watchers have said the fall has been exacerbated by light trading volumes this week ahead of Thursday's Thanksgiving holidays when markets will be closed. Most large technology companies dropped again, including Apple and Microsoft, which shed 4.8 per cent and 2.8 per cent respectively. Amazon and Netflix fell more modestly, while Google parent Alphabet and Facebook advanced modestly in apparent bargain hunting. Petroleum-linked shares were another weak segment, with Dow members ExxonMobil and Chevron plunging nearly three per cent and Apache shedding 5.1 per cent. The losses came after benchmark US oil prices slid 6.6 per cent to $53.43 per barrel, the lowest level in more than a year, amid worries over excess supply. Leading retailers mostly fell following mixed earnings reports, with Target dropping 10.5 per cent, Lowe's 5.7 per cent and Kohl's 9.2 per cent. An exception was Best Buy, which advanced 2.2 per cent.

Wall Street stocks slum as tech, energy, retail sectors weaken

Wall Street crumbled on Monday as fears for demand in the tech sector turned into a broader retreat from stocks while oil prices slid to an 11th straight day of losses despite a Saudi offer to limit output.

European equities also closed lower with Frankfurt and Paris weighed down in part by lingering concerns over Italy's high debt and Tuesday's EU-deadline for Rome to revise its 2019 budget.

Trading got off to a bad start in New York, with Apple shares declining after a key parts supplier said a client had cut orders significantly, stoking fears of waning demand for iPhones.

"The ecosystem of the supply chain around Apple is starting to feel the slide of demand," Matt Miskin of John Hancock told AFP, noting that he still expected robust holiday season performance in the tech sector.

"With a weaker global growth, tech companies are starting to get repriced lower."

But a general rout ensued for stocks. Investment bank Goldman Sachs also fell 7.5 per cent, weighing on the financial sector, while embattled engineering giant General Electric had its lowest close in nearly a decade.

The Dow and S&amp;P 500 both lost two per cent or more while the tech-heavy Nasdaq dropped 2.8 per cent. Shares in Apple closed down more than five per cent.

Treasury bond markets closed for a public holiday.

By mid-afternoon, the broad-based slide prompted President Donald Trump to point the finger, while citing no evidence, at congressional Democrats, who won control of the House of Representatives in last week's elections.

"The prospect of Presidential Harassment by the Dems is causing the Stock Market big headaches!" he wrote on Twitter. Markets had rallied the day after the vote.

Meanwhile, Bloomberg reported Monday afternoon that Trump was considering unveiling fresh auto tariffs, erasing gains by General Motors and helping push markets even lower.

Earlier in the Eurozone, the Frankfurt and Paris stock markets had dropped as well, weighed down in part by lingering concerns over Italy's high debt and Tuesday's EU deadline for Rome to revise its 2019 budget.

The dollar continued to strengthen against its major rivals, meanwhile, hitting its highest levels since the first half of 2017.

The European Union's chief Brexit negotiator warned ministers from the other 27 member states on Monday that no deal has been sealed on Britain's departure from the bloc.

Elsewhere, Saudi Arabia's energy minister called for a global output cut of a million barrels per day to re-balance the market, as Riyadh unveiled plans to trim its own production by 500,000 barrels per day from December.

Khalid al-Falih's comments follow a meeting in Abu Dhabi at the weekend, where the OPEC group and its allies had already started laying the groundwork to reduce supply in 2019.

Benchmark crude prices still finished lower in New York and London. Oil prices have shed about one-fifth of their value over the past month on oversupplies and signs of a softer-than-expected impact from US sanctions on Iranian crude exports.

Last week, higher US energy stockpiles drove WTI crude to its longest losing streak in more than 30 years, while Brent dropped below $70 a barrel for the first time since April.

Tobacco stocks also suffered following media reports that US health regulators expect to announce plans as soon as this week to seek a ban on menthol cigarettes and to limit sales of e-cigarettes.

British American Tobacco shedding 10.62 per cent to £29.96 and Imperial Tobacco losing almost 2.2 per cent on reports of a planned US ban on menthol cigarettes, which researchers have said pose a greater health risk than traditional ones.

American tobacco producers likewise headed south on the news.

Wall Street crumbled on Monday as fears for demand in the tech sector turned into a broader retreat from stocks while oil prices slid to an 11th straight day of losses despite a Saudi offer to limit output.

Wall Street crumbled on Monday as fears for demand in the tech sector turned into a broader retreat from stocks while oil prices slid to an 11th straight day of losses despite a Saudi offer to limit output. European equities also closed lower with Frankfurt and Paris weighed down in part by lingering concerns over Italy's high debt and Tuesday's EU-deadline for Rome to revise its 2019 budget. Trading got off to a bad start in New York, with Apple shares declining after a key parts supplier said a client had cut orders significantly, stoking fears of waning demand for iPhones. "The ecosystem of the supply chain around Apple is starting to feel the slide of demand," Matt Miskin of John Hancock told AFP, noting that he still expected robust holiday season performance in the tech sector. "With a weaker global growth, tech companies are starting to get repriced lower." But a general rout ensued for stocks. Investment bank Goldman Sachs also fell 7.5 per cent, weighing on the financial sector, while embattled engineering giant General Electric had its lowest close in nearly a decade. The Dow and S&P 500 both lost two per cent or more while the tech-heavy Nasdaq dropped 2.8 per cent. Shares in Apple closed down more than five per cent. Treasury bond markets closed for a public holiday. By mid-afternoon, the broad-based slide prompted President Donald Trump to point the finger, while citing no evidence, at congressional Democrats, who won control of the House of Representatives in last week's elections. "The prospect of Presidential Harassment by the Dems is causing the Stock Market big headaches!" he wrote on Twitter. Markets had rallied the day after the vote. Meanwhile, Bloomberg reported Monday afternoon that Trump was considering unveiling fresh auto tariffs, erasing gains by General Motors and helping push markets even lower. Earlier in the Eurozone, the Frankfurt and Paris stock markets had dropped as well, weighed down in part by lingering concerns over Italy's high debt and Tuesday's EU deadline for Rome to revise its 2019 budget. The dollar continued to strengthen against its major rivals, meanwhile, hitting its highest levels since the first half of 2017. The European Union's chief Brexit negotiator warned ministers from the other 27 member states on Monday that no deal has been sealed on Britain's departure from the bloc. Elsewhere, Saudi Arabia's energy minister called for a global output cut of a million barrels per day to re-balance the market, as Riyadh unveiled plans to trim its own production by 500,000 barrels per day from December. Khalid al-Falih's comments follow a meeting in Abu Dhabi at the weekend, where the OPEC group and its allies had already started laying the groundwork to reduce supply in 2019. Benchmark crude prices still finished lower in New York and London. Oil prices have shed about one-fifth of their value over the past month on oversupplies and signs of a softer-than-expected impact from US sanctions on Iranian crude exports. Last week, higher US energy stockpiles drove WTI crude to its longest losing streak in more than 30 years, while Brent dropped below $70 a barrel for the first time since April. Tobacco stocks also suffered following media reports that US health regulators expect to announce plans as soon as this week to seek a ban on menthol cigarettes and to limit sales of e-cigarettes. British American Tobacco shedding 10.62 per cent to £29.96 and Imperial Tobacco losing almost 2.2 per cent on reports of a planned US ban on menthol cigarettes, which researchers have said pose a greater health risk than traditional ones. American tobacco producers likewise headed south on the news.

Wall Street stocks: Dow & Nasdaq tumble; oil prices continue to slide

The US stock market saw a bloodbath on Wednesday after&nbsp;tech-heavy Nasdaq saw the worst decline since 2011 with a series of selloffs erasing all gains of 2018. Nasdaq&nbsp;plunged to 4.4 per cent to close at 7,108.4.

Most of the panic selling happened in the last hour of the trading day as things went from bad to worse pretty quickly with technology shares hitting the hardest.

Amazon lost 4.1 per cent, Facebook 4.9 per cent, Google-parent Alphabet 4.1 per cent and Netflix 8.7 per cent, AFP reported.

According to a report by Bloomberg, world's richest person, Jeff Bezos&nbsp;lost $8.2 billion reducing his net worth to $138 billion while Facebook CEO Mark Zuckerberg's fortune went down by $3.2 billion. Over $33 billion was wiped from the fortunes of the technology sector's 61 richest people in one day.

Google co-founder Larry Page and Sergey Brin's fortune went down by a combined $4.5 billion.

Investors have been unnerved by a myriad of issues including some disappointing earnings reports, uncertainty over Brexit, Italy's budget spat with the European Commission, upcoming US&nbsp;midterm congressional elections and pressure on Saudi Arabia over the killing of a prominent journalist, Reuters reported.

The US stock market saw a bloodbath on Wednesday after tech-heavy Nasdaq saw the worst decline since 2011 with a series of selloffs erasing all gains of 2018. Nasdaq plunged to 4.

The US stock market saw a bloodbath on Wednesday after tech-heavy Nasdaq saw the worst decline since 2011 with a series of selloffs erasing all gains of 2018. Nasdaq plunged to 4.4 per cent to close at 7,108.4. Most of the panic selling happened in the last hour of the trading day as things went from bad to worse pretty quickly with technology shares hitting the hardest. Amazon lost 4.1 per cent, Facebook 4.9 per cent, Google-parent Alphabet 4.1 per cent and Netflix 8.7 per cent, AFP reported. According to a report by Bloomberg, world's richest person, Jeff Bezos lost $8.2 billion reducing his net worth to $138 billion while Facebook CEO Mark Zuckerberg's fortune went down by $3.2 billion. Over $33 billion was wiped from the fortunes of the technology sector's 61 richest people in one day. Google co-founder Larry Page and Sergey Brin's fortune went down by a combined $4.5 billion. Investors have been unnerved by a myriad of issues including some disappointing earnings reports, uncertainty over Brexit, Italy's budget spat with the European Commission, upcoming US midterm congressional elections and pressure on Saudi Arabia over the killing of a prominent journalist, Reuters reported.

How much Jeff Bezos, Mark Zuckerberg lost in worst day of Nasdaq trading since 2011?

The Nasdaq slumped more than three per cent Wednesday afternoon as Wall Street headed for another dreary day of losses on worries about weakening US earnings growth.

The tech-rich Nasdaq Composite Index was down 3.6 per cent to 7,173.85, near 1935 GMT, on track to close lower for the seventh time in the last 10 sessions. The index is down more than 10 per cent this month.

The Dow Jones Industrial Average dropped 1.9 per cent to 24,725.47, while the broad-based S&amp;P 500 fell 2.4 per cent to 2,674.61.

The losses followed a mixed day of corporate earnings that analysts fear signal the economy is exiting the "peak" earnings environment helped by US tax cuts were enacted late last year.

Investors have also been unnerved by comments from industrial companies saying trade conflicts have raised material costs.

"Costs are increasing and it's often tariff-related. We also reached a potential peak for earnings," said Nate Thooft, senior managing director at Manulife Mutual Funds.

"Companies that show marginal weakness take a beating."

Technology shares were especially hard hit Wednesday, with Amazon losing 4.1 per cent, Facebook 4.9 per cent, Google-parent Alphabet 4.1 per cent and Netflix 8.7 per cent.

A rare bright spot was Boeing, which advanced 1.7 per cent after raising its full-year profit forecast.

But other large industrial companies in the Dow fell, including Caterpillar and 3M which dropped 5.4 per cent and 3.5 per cent, respectively. The two companies also fell sharply on Tuesday following disappointing results.

The Nasdaq slumped more than three per cent Wednesday afternoon as Wall Street headed for another dreary day of losses on worries about weakening US earnings growth.

The Nasdaq slumped more than three per cent Wednesday afternoon as Wall Street headed for another dreary day of losses on worries about weakening US earnings growth. The tech-rich Nasdaq Composite Index was down 3.6 per cent to 7,173.85, near 1935 GMT, on track to close lower for the seventh time in the last 10 sessions. The index is down more than 10 per cent this month. The Dow Jones Industrial Average dropped 1.9 per cent to 24,725.47, while the broad-based S&P 500 fell 2.4 per cent to 2,674.61. The losses followed a mixed day of corporate earnings that analysts fear signal the economy is exiting the "peak" earnings environment helped by US tax cuts were enacted late last year. Investors have also been unnerved by comments from industrial companies saying trade conflicts have raised material costs. "Costs are increasing and it's often tariff-related. We also reached a potential peak for earnings," said Nate Thooft, senior managing director at Manulife Mutual Funds. "Companies that show marginal weakness take a beating." Technology shares were especially hard hit Wednesday, with Amazon losing 4.1 per cent, Facebook 4.9 per cent, Google-parent Alphabet 4.1 per cent and Netflix 8.7 per cent. A rare bright spot was Boeing, which advanced 1.7 per cent after raising its full-year profit forecast. But other large industrial companies in the Dow fell, including Caterpillar and 3M which dropped 5.4 per cent and 3.5 per cent, respectively. The two companies also fell sharply on Tuesday following disappointing results.

Nasdaq sinks 3.6% as US stocks losses deepen

The BSE Sensex dropped by over 137 points or 0.40 per cent to close at 34,046.94 today to extend losses for the third day in a row as fiscal deficit worries and global sell-off triggered by US Fed rate hike fears continued to unsettle investors despite positive macro data.

Banking stocks, particularly state-run lenders were among the biggest laggards on unabated nervous off-loading by participants amid growing concerns over a spate of fraud cases.

Select auto stocks, however, were in some demand on the back of encouraging February sales numbers.

The 30-share benchmark opened higher and scaled a high of 34,278.63 in early deals after positive GDP data for the third quarter. According to the official data released after market hours yesterday, the GDP growth rate rose to a five-quarter high growth of 7.2 per cent in the October-December quarter on good showing by key sectors like manufacturing.

The core sector growth rate also picked up momentum to touch 6.2 per cent in January.

Stocks however slipped into the negative zone with the BSE Sensex touching a low of 34,015.79 due to continued selling in global markets.

The 30-share barometer settled at 34,046.94, down 137.10 points, or 0.40 per cent as its 20 constituents led by ICICI Bank and SBI ended in the red.

The 50-issue NSE Nifty too lost 34.50 points, or 0.33 at 10,458.35 after shuttling between 10,525.50 and 10,447.15.

For the week, the flagship Sensex recorded a fall of 95.21 points, or 0.27 per cent, while the NSE Nifty lost 32.70 points, or 0.31 per cent.

&quot;Markets traded dull and ended lower amid mixed local cues. Initially, participants took note of encouraging GDP figure and uptick in core sector data, which helped index to open higher despite weak global markets. However, further widening of fiscal deficit also dampened the sentiment to some extent and capped upside,&quot; said Jayant Manglik, President, Religare Broking Ltd.

Official data showed that fiscal deficit touched Rs 6.77 lakh crore at the end of January, 113.7 per cent of the target for the entire fiscal, on account of higher expenditure.

Analyst said the market was in &quot;sell on rise&quot; phase as investors preferred to book profits amid global uncertainty.

Asian markets broadly closed with losses, extending a global sell-off on US interest rate hike fears. US Fed chief Jerome Powell who painted a rosy picture about the US economy and hinted at future rate hikes before the Congress was set to speak on Capitol Hill again today.

In the sectoral terms, the BSE metal index fell by 0.95 per cent, bankex (0.85 per cent), realty (0.77 per cent), consumer durables (0.71 per cent), teck (0.65 per cent), healthcare (0.58 per cent), IT (0.53 per cent), power (0.48 per cent) and PSU (0.43 per cent).

In the Sensex pack, ICICI Bank suffered the most by 2.63 per cent, followed by country&#39;s largest state-run SBI 2.31 per cent.

Other laggards include Infosys, Power Grid, HDFC Bank, ITC Ltd, Axis Bank, RIL, Hero MotoCorp, Yes Bank, L&amp;T, Dr Reddy&#39;s, Adani Ports, Sun Pharma, NTPC, TCS an HDFC Ltd, falling up to 1.19 per cent.

In contrast, Coal India, IndusInd Bank, Hindustan Unilever, M&amp;M, Kotak Bank, ONGC, Tata Steel, Tata Motors and Maruti Suzui managed to end in the positive terrain and cushioned the fall.

The broader markets too were under selling pressure from investors with the BSE mid-cap index falling by 0.61 per cent, while small-cap index lost 0.24 per cent.

Globally, Japan&#39;s Nikkei fell 1.56 per cent, while Singapore shed 0.24 per cent. Shanghai Composite Index, however, was up 0.44 per cent and Hong Kong&#39;s Hang Seng rose 0.65 per cent.

In Europe, Frankfurt&#39;s DAX 30 fell 0.50 per cent, while Paris CAC 40 down 0.25 per cent in their early deals. London&#39;s FTSE too fell 0.18 per cent.&nbsp;

&nbsp;

&nbsp;

&nbsp;

The benchmark Sensex closed down 0.40 per cent at 34,046.94

The BSE Sensex dropped by over 137 points or 0.40 per cent to close at 34,046.94 today to extend losses for the third day in a row as fiscal deficit worries and global sell-off triggered by US Fed rate hike fears continued to unsettle investors despite positive macro data. Banking stocks, particularly state-run lenders were among the biggest laggards on unabated nervous off-loading by participants amid growing concerns over a spate of fraud cases. Select auto stocks, however, were in some demand on the back of encouraging February sales numbers. The 30-share benchmark opened higher and scaled a high of 34,278.63 in early deals after positive GDP data for the third quarter. According to the official data released after market hours yesterday, the GDP growth rate rose to a five-quarter high growth of 7.2 per cent in the October-December quarter on good showing by key sectors like manufacturing. The core sector growth rate also picked up momentum to touch 6.2 per cent in January. Stocks however slipped into the negative zone with the BSE Sensex touching a low of 34,015.79 due to continued selling in global markets. The 30-share barometer settled at 34,046.94, down 137.10 points, or 0.40 per cent as its 20 constituents led by ICICI Bank and SBI ended in the red. The 50-issue NSE Nifty too lost 34.50 points, or 0.33 at 10,458.35 after shuttling between 10,525.50 and 10,447.15. For the week, the flagship Sensex recorded a fall of 95.21 points, or 0.27 per cent, while the NSE Nifty lost 32.70 points, or 0.31 per cent. "Markets traded dull and ended lower amid mixed local cues. Initially, participants took note of encouraging GDP figure and uptick in core sector data, which helped index to open higher despite weak global markets. However, further widening of fiscal deficit also dampened the sentiment to some extent and capped upside," said Jayant Manglik, President, Religare Broking Ltd. Official data showed that fiscal deficit touched Rs 6.77 lakh crore at the end of January, 113.7 per cent of the target for the entire fiscal, on account of higher expenditure. Analyst said the market was in "sell on rise" phase as investors preferred to book profits amid global uncertainty. Asian markets broadly closed with losses, extending a global sell-off on US interest rate hike fears. US Fed chief Jerome Powell who painted a rosy picture about the US economy and hinted at future rate hikes before the Congress was set to speak on Capitol Hill again today. In the sectoral terms, the BSE metal index fell by 0.95 per cent, bankex (0.85 per cent), realty (0.77 per cent), consumer durables (0.71 per cent), teck (0.65 per cent), healthcare (0.58 per cent), IT (0.53 per cent), power (0.48 per cent) and PSU (0.43 per cent). In the Sensex pack, ICICI Bank suffered the most by 2.63 per cent, followed by country's largest state-run SBI 2.31 per cent. Other laggards include Infosys, Power Grid, HDFC Bank, ITC Ltd, Axis Bank, RIL, Hero MotoCorp, Yes Bank, L&T, Dr Reddy's, Adani Ports, Sun Pharma, NTPC, TCS an HDFC Ltd, falling up to 1.19 per cent. In contrast, Coal India, IndusInd Bank, Hindustan Unilever, M&M, Kotak Bank, ONGC, Tata Steel, Tata Motors and Maruti Suzui managed to end in the positive terrain and cushioned the fall. The broader markets too were under selling pressure from investors with the BSE mid-cap index falling by 0.61 per cent, while small-cap index lost 0.24 per cent. Globally, Japan's Nikkei fell 1.56 per cent, while Singapore shed 0.24 per cent. Shanghai Composite Index, however, was up 0.44 per cent and Hong Kong's Hang Seng rose 0.65 per cent. In Europe, Frankfurt's DAX 30 fell 0.50 per cent, while Paris CAC 40 down 0.25 per cent in their early deals. London's FTSE too fell 0.18 per cent.

Sensex, Nifty fall despite GDP upswing

The Sensex and Nifty fell for a second straight session on Wednesday with financials leading the decline, as fears of faster interest rate hikes in the United States hurt investor risk appetite.

The Nifty closed below 10,500 for the seventh time in nine sessions, ending 0.58 per cent lower at 10,492.85.

The Sensex closed down 0.47 per cent at 34,184.04.

Investors now await October-December gross domestic product data due later in the day for clues about the domestic economy.

The Sensex closed down 0.47 per cent at 34,184.04.

The Sensex and Nifty fell for a second straight session on Wednesday with financials leading the decline, as fears of faster interest rate hikes in the United States hurt investor risk appetite. The Nifty closed below 10,500 for the seventh time in nine sessions, ending 0.58 per cent lower at 10,492.85. The Sensex closed down 0.47 per cent at 34,184.04. Investors now await October-December gross domestic product data due later in the day for clues about the domestic economy.

Sensex, Nifty down over global cues

nasdaq

Nasdaq, News on Nasdaq, stories on Nasdaq, articles on Nasdaq, Nasdaq stories at Wion, Nasdaq news, Nasdaq latest news