Wall Street's main indexes fell on Thursday ahead of critical trade negotiations between the United States and China, though they pared losses significantly after US President Donald Trump said reaching a deal this week was possible.

US stocks had fallen more than 1% earlier in the session but recovered much of those losses after Trump said he had received a "beautiful letter" from Chinese President Xi Jinping. Negotiators will meet at 5 pm&nbsp;EDT (2100 GMT) on Thursday, Trump said. They are set to continue talks through Friday.

Still, the United States has not backed down from hiking tariffs on $200 billion worth of Chinese goods to 25% on Friday. Trump also said that paperwork had been initiated to levy 25% tariffs on a further $325 billion worth of Chinese goods.

Even with the possibility of further tariffs going into effect, some investors remained optimistic that a trade agreement was within reach. That likely kept Thursday's declines in check, said John Stoltzfus, chief investment strategist at Oppenheimer Asset Management.

"We may very well see tariffs put in place tomorrow, but it's going to get resolved," Stoltzfus said. "It's too impractical for either side to extend this into a protracted trade war."

The Dow Jones Industrial Average fell 138.97 points, or 0.54%, to 25,828.36, the S&amp;P 500 lost 8.7 points, or 0.30%, to 2,870.72 and the Nasdaq Composite dropped 32.73 points, or 0.41%, to 7,910.59.

The S&amp;P 500 index briefly slipped below its 50-day moving average, a closely watched indicator of momentum, during the session but ended above that level.

Materials and technology stocks posted the steepest declines among the S&amp;P 500's sectors, dropping 0.8% and 0.7%, respectively.

Shares of chipmakers, which get a large portion of the revenue from China, continued to slide, with the Philadelphia semiconductor index ending 1.2% lower. The index has fallen 6% so far this week and is on pace to post its biggest percentage weekly loss since December.

Chipmaker shares were also pressured by an underwhelming profit growth forecast from Intel Corp. Intel shares fell 5.3% and were the biggest drag on the S&amp;P 500.

Trade-sensitive industrial bellwethers were also hit, with Boeing Co shares falling 1% and 3M Co shares dropping 1.9%.

The CBOE Volatility Index, a gauge of investor anxiety, rose for the fourth consecutive session and is at its highest level in more than three months.

In a bright spot, Tapestry Inc shares jumped 8.5%, the most among S&amp;P companies, after the Coach handbag maker beat quarterly profit estimates and announced a $1 billion share buyback plan.

Chevron Corp shares gained 3.1%, providing the biggest boost to the Dow and the S&amp;P 500, after the oil company said it would not raise its $33 billion offer to buy Anadarko Petroleum Corp.

Declining issues outnumbered advancing ones on the NYSE by a 1.55-to-1 ratio; on Nasdaq, a 1.48-to-1 ratio favoured decliners.

The S&amp;P 500 posted two new 52-week highs and 11 new lows; the Nasdaq Composite recorded 37 new highs and 98 new lows.

Volume on US exchanges was 7.75 billion shares, compared with the 6.83 billion-share average for the full session over the last 20 trading days.

Wall Street's main indexes fell on Thursday ahead of critical trade negotiations between the United States and China, though they pared losses significantly after US President Donald Trump said reaching a deal this week was possible.

Wall Street's main indexes fell on Thursday ahead of critical trade negotiations between the United States and China, though they pared losses significantly after US President Donald Trump said reaching a deal this week was possible. US stocks had fallen more than 1% earlier in the session but recovered much of those losses after Trump said he had received a "beautiful letter" from Chinese President Xi Jinping. Negotiators will meet at 5 pm EDT (2100 GMT) on Thursday, Trump said. They are set to continue talks through Friday. Still, the United States has not backed down from hiking tariffs on $200 billion worth of Chinese goods to 25% on Friday. Trump also said that paperwork had been initiated to levy 25% tariffs on a further $325 billion worth of Chinese goods. Even with the possibility of further tariffs going into effect, some investors remained optimistic that a trade agreement was within reach. That likely kept Thursday's declines in check, said John Stoltzfus, chief investment strategist at Oppenheimer Asset Management. "We may very well see tariffs put in place tomorrow, but it's going to get resolved," Stoltzfus said. "It's too impractical for either side to extend this into a protracted trade war." The Dow Jones Industrial Average fell 138.97 points, or 0.54%, to 25,828.36, the S&P 500 lost 8.7 points, or 0.30%, to 2,870.72 and the Nasdaq Composite dropped 32.73 points, or 0.41%, to 7,910.59. The S&P 500 index briefly slipped below its 50-day moving average, a closely watched indicator of momentum, during the session but ended above that level. Materials and technology stocks posted the steepest declines among the S&P 500's sectors, dropping 0.8% and 0.7%, respectively. Shares of chipmakers, which get a large portion of the revenue from China, continued to slide, with the Philadelphia semiconductor index ending 1.2% lower. The index has fallen 6% so far this week and is on pace to post its biggest percentage weekly loss since December. Chipmaker shares were also pressured by an underwhelming profit growth forecast from Intel Corp. Intel shares fell 5.3% and were the biggest drag on the S&P 500. Trade-sensitive industrial bellwethers were also hit, with Boeing Co shares falling 1% and 3M Co shares dropping 1.9%. The CBOE Volatility Index, a gauge of investor anxiety, rose for the fourth consecutive session and is at its highest level in more than three months. In a bright spot, Tapestry Inc shares jumped 8.5%, the most among S&P companies, after the Coach handbag maker beat quarterly profit estimates and announced a $1 billion share buyback plan. Chevron Corp shares gained 3.1%, providing the biggest boost to the Dow and the S&P 500, after the oil company said it would not raise its $33 billion offer to buy Anadarko Petroleum Corp. Declining issues outnumbered advancing ones on the NYSE by a 1.55-to-1 ratio; on Nasdaq, a 1.48-to-1 ratio favoured decliners. The S&P 500 posted two new 52-week highs and 11 new lows; the Nasdaq Composite recorded 37 new highs and 98 new lows. Volume on US exchanges was 7.75 billion shares, compared with the 6.83 billion-share average for the full session over the last 20 trading days.

Wall Street dips as investors await outcome of US-China trade talks

Uber drivers in London and major US cities held a series of strikes on Wednesday to protest the disparity between gig-economy conditions and the sums that investors are likely to make in Friday's blockbuster stock market debut.

Protests were sparsely attended in London, New York and California, and rides appeared easily available in some cities where strikes were called.

Drivers and regulators around the world have long criticized the business tactics of <a href="https://www.wionews.com/world/ride-hailing-drivers-in-new-york-to-strike-ahead-of-uber-ipo-216037">Uber Technologies</a> Inc. The expected valuation of up to $90 billion in its initial public offering on Friday is proving to be the latest flashpoint.

Unions in Britain said support for the strike was strong, with drivers staying at home and passengers using the #UberShutDown hashtag to pledge solidarity on social media. The Uber app indicated fares were higher in London during a rainy morning rush hour due to increased demand.

"Stand with these workers on strike today, across the UK and the world," said Jeremy Corbyn, the leader of Britain's opposition Labour Party.

A few dozen protesters gathered at a rally in London. Another dozen attended a protest at about 9 am EDT (1300 GMT) near Wall Street in Manhattan. At Uber's headquarters in the borough of Queens in New York City, about 100 people gathered in the morning, but their numbers dwindled to a few dozen or so at 1 pm, when a rally was scheduled. Uber has 3 million drivers globally.

Around a hundred people attended a rally in San Francisco, Uber's home town. Driver and organizer Rebecca Stack-Martinez said that widespread media coverage made the strike a success, adding that organizing in the gig economy of part-time, contract labour was difficult.

"There is no directory out there of who's driving, how many drivers, how we can reach them," she said. "And so we have to be really creative about how we get to drivers and get them involved in the movement."

Many drivers work part-time for the services and often divide their time between platforms, delivering food and goods as well as giving rides.

The public calls for higher pay underscored that some drivers want more from Chief Executive Officer Dara Khosrowshahi, who was hired to help move the company past a series of scandals, improve driver relations and manage the IPO.

Uber is paying more than a million drivers about $300 million in one-time bonuses, for instance, and has changed policies such as allowing riders to tip.

"Whether it's being able to track your earnings or stronger insurance protections, we'll continue working to improve the experience for and with drivers," the company said.

'Broken promises'

Uber has steadfastly, and mostly successfully, beaten back attempts to compel it to treat drivers as employees, arguing that its main business is a platform that brings riders and drivers together. And the money-losing company is under pressure to cut costs.

Many drivers want better pay from Uber rival Lyft Inc as well.

Syed Ali, an Uber driver and member of the striking New York Taxi Workers Alliance, in a statement said, "They have grown and grown and gotten richer and richer, but I haven't grown with the company. My condition as an Uber driver has gotten worse and worse."

Uber and Lyft have cut back on incentives and bonuses in more established markets to attract new drivers. They have also devised more complicated formulas for determining what riders pay and what drivers earn.

Both companies recently slashed the per-mile rate for drivers in Los Angeles and San Francisco, while increasing some other factors, such as per-minute rates. Some drivers estimated a loss of 10 per cent to 20 per cent in earnings.

The company and its critics are divided over how much drivers can make. Classified as independent contractors, they lack paid sick and vacation days and must cover their own expenses, such as car maintenance and gasoline.

US representatives for Uber and Lyft did not respond to requests for comment Wednesday. Ahead of the actions, Lyft said its hourly wages have risen over the last two years and average over $20 per hour.

Uber noted that a recent study whose authors included current and former Uber employees showed driver gross earnings averaged $21 an hour. But a study by left-leaning Washington think tank Economic Policy Institute calculated that after costs, Uber drivers earned $9.21 an hour.

Uber drivers in London and major US cities held a series of strikes on Wednesday to protest the disparity between gig-economy conditions and the sums that investors are likely to make in Friday's blockbuster stock market debut.

Uber drivers in London and major US cities held a series of strikes on Wednesday to protest the disparity between gig-economy conditions and the sums that investors are likely to make in Friday's blockbuster stock market debut. Protests were sparsely attended in London, New York and California, and rides appeared easily available in some cities where strikes were called. Drivers and regulators around the world have long criticized the business tactics of Uber Technologies Inc. The expected valuation of up to $90 billion in its initial public offering on Friday is proving to be the latest flashpoint. Unions in Britain said support for the strike was strong, with drivers staying at home and passengers using the #UberShutDown hashtag to pledge solidarity on social media. The Uber app indicated fares were higher in London during a rainy morning rush hour due to increased demand. "Stand with these workers on strike today, across the UK and the world," said Jeremy Corbyn, the leader of Britain's opposition Labour Party. A few dozen protesters gathered at a rally in London. Another dozen attended a protest at about 9 am EDT (1300 GMT) near Wall Street in Manhattan. At Uber's headquarters in the borough of Queens in New York City, about 100 people gathered in the morning, but their numbers dwindled to a few dozen or so at 1 pm, when a rally was scheduled. Uber has 3 million drivers globally. Around a hundred people attended a rally in San Francisco, Uber's home town. Driver and organizer Rebecca Stack-Martinez said that widespread media coverage made the strike a success, adding that organizing in the gig economy of part-time, contract labour was difficult. "There is no directory out there of who's driving, how many drivers, how we can reach them," she said. "And so we have to be really creative about how we get to drivers and get them involved in the movement." Many drivers work part-time for the services and often divide their time between platforms, delivering food and goods as well as giving rides. The public calls for higher pay underscored that some drivers want more from Chief Executive Officer Dara Khosrowshahi, who was hired to help move the company past a series of scandals, improve driver relations and manage the IPO. Uber is paying more than a million drivers about $300 million in one-time bonuses, for instance, and has changed policies such as allowing riders to tip. "Whether it's being able to track your earnings or stronger insurance protections, we'll continue working to improve the experience for and with drivers," the company said. 'Broken promises' Uber has steadfastly, and mostly successfully, beaten back attempts to compel it to treat drivers as employees, arguing that its main business is a platform that brings riders and drivers together. And the money-losing company is under pressure to cut costs. Many drivers want better pay from Uber rival Lyft Inc as well. Syed Ali, an Uber driver and member of the striking New York Taxi Workers Alliance, in a statement said, "They have grown and grown and gotten richer and richer, but I haven't grown with the company. My condition as an Uber driver has gotten worse and worse." Uber and Lyft have cut back on incentives and bonuses in more established markets to attract new drivers. They have also devised more complicated formulas for determining what riders pay and what drivers earn. Both companies recently slashed the per-mile rate for drivers in Los Angeles and San Francisco, while increasing some other factors, such as per-minute rates. Some drivers estimated a loss of 10 per cent to 20 per cent in earnings. The company and its critics are divided over how much drivers can make. Classified as independent contractors, they lack paid sick and vacation days and must cover their own expenses, such as car maintenance and gasoline. US representatives for Uber and Lyft did not respond to requests for comment Wednesday. Ahead of the actions, Lyft said its hourly wages have risen over the last two years and average over $20 per hour. Uber noted that a recent study whose authors included current and former Uber employees showed driver gross earnings averaged $21 an hour. But a study by left-leaning Washington think tank Economic Policy Institute calculated that after costs, Uber drivers earned $9.21 an hour.

Uber drivers go on strike in London, US ahead of IPO

The benchmark S&amp;P 500 fell on Wednesday for the third day in a row as investors remained cautious about the latest developments on US-China trade talks even after hopeful comments from the White House regarding an eventual agreement.

A late slide in shares of Intel Corp contributed to losses in the last half-hour of trading. Shares of the chipmaker fell 2.5% after the company's outlook during its investor day presentation disappointed.

Wall Street had edged higher for much of the session after White House spokeswoman Sarah Sanders said that the United States had received an indication from Beijing that China wants to make a trade deal. China's lead negotiator, Vice Premier Liu He, is due to visit Washington on Thursday and Friday.

Still, the US&nbsp;government said in its official journal that it would raise tariffs on $200 billion worth of Chinese goods to 25% on Friday. China's commerce ministry later said it would have to take retaliatory measures if US&nbsp;tariffs were raised.

The mixed tone of trade developments made it difficult for US stocks to sustain their rally, investors said.

"The last 30 minutes lets you know that people are still leaning bearish mid-week," said Michael Antonelli, market strategist at Robert W. Baird in Milwaukee.

Even as the S&amp;P 500 rose in the afternoon, defensive sectors such as real estate and healthcare were among the index's top gainers. The trade-sensitive industrial sector ended little changed, while Intel's decline dragged down technology shares.

"It's consistent with people being unsure about what's actually going to come out of Washington this week," said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta.

The Dow Jones Industrial Average rose 2.24 points, or 0.01%, to 25,967.33, the S&amp;P 500 lost 4.63 points, or 0.16%, to 2,879.42 and the Nasdaq Composite dropped 20.44 points, or 0.26%, to 7,943.32.

The benchmark S&amp;P 500 is now 2.5% below its record high of 2,954.13 hit last week.

Shares of Walt Disney Co rose 1.2% ahead of its quarterly results. Disney was the top boost to the S&amp;P 500.

Disney shares were last up 0.8% in aftermarket trading.

McKesson Corp shares climbed 4.8% after the drug distributor's quarterly results eased concerns about pricing pressures and costs related to opioid-related litigation.

Conversely, TripAdvisor Inc shares tumbled 11.4%, the most among S&amp;P 500 companies, after the online travel company's quarterly revenue missed analysts' estimates.

With earnings season entering its final stretch, first-quarter profits are now seen rising 1.2%, a sharp improvement from the 2.3% decline expected at the start of the season.

Of the 426 S&amp;P companies that have reported so far, about 75% have beaten profit estimates, according to Refinitiv data.

Declining issues outnumbered advancing ones on the NYSE by a 1.16-to-1 ratio; on Nasdaq, a 1.18-to-1 ratio favoured decliners.

The S&amp;P 500 posted five new 52-week highs and seven new lows; the Nasdaq Composite recorded 45 new highs and 67 new lows.

Volume on U.S. exchanges was 7 billion shares, compared to the 6.74 billion average for the full session over the last 20 trading days.

The benchmark S&P 500 fell on Wednesday for the third day in a row as investors remained cautious about the latest developments on US-China trade talks even after hopeful comments from the White House regarding an eventual agreement.

The benchmark S&P 500 fell on Wednesday for the third day in a row as investors remained cautious about the latest developments on US-China trade talks even after hopeful comments from the White House regarding an eventual agreement. A late slide in shares of Intel Corp contributed to losses in the last half-hour of trading. Shares of the chipmaker fell 2.5% after the company's outlook during its investor day presentation disappointed. Wall Street had edged higher for much of the session after White House spokeswoman Sarah Sanders said that the United States had received an indication from Beijing that China wants to make a trade deal. China's lead negotiator, Vice Premier Liu He, is due to visit Washington on Thursday and Friday. Still, the US government said in its official journal that it would raise tariffs on $200 billion worth of Chinese goods to 25% on Friday. China's commerce ministry later said it would have to take retaliatory measures if US tariffs were raised. The mixed tone of trade developments made it difficult for US stocks to sustain their rally, investors said. "The last 30 minutes lets you know that people are still leaning bearish mid-week," said Michael Antonelli, market strategist at Robert W. Baird in Milwaukee. Even as the S&P 500 rose in the afternoon, defensive sectors such as real estate and healthcare were among the index's top gainers. The trade-sensitive industrial sector ended little changed, while Intel's decline dragged down technology shares. "It's consistent with people being unsure about what's actually going to come out of Washington this week," said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta. The Dow Jones Industrial Average rose 2.24 points, or 0.01%, to 25,967.33, the S&P 500 lost 4.63 points, or 0.16%, to 2,879.42 and the Nasdaq Composite dropped 20.44 points, or 0.26%, to 7,943.32. The benchmark S&P 500 is now 2.5% below its record high of 2,954.13 hit last week. Shares of Walt Disney Co rose 1.2% ahead of its quarterly results. Disney was the top boost to the S&P 500. Disney shares were last up 0.8% in aftermarket trading. McKesson Corp shares climbed 4.8% after the drug distributor's quarterly results eased concerns about pricing pressures and costs related to opioid-related litigation. Conversely, TripAdvisor Inc shares tumbled 11.4%, the most among S&P 500 companies, after the online travel company's quarterly revenue missed analysts' estimates. With earnings season entering its final stretch, first-quarter profits are now seen rising 1.2%, a sharp improvement from the 2.3% decline expected at the start of the season. Of the 426 S&P companies that have reported so far, about 75% have beaten profit estimates, according to Refinitiv data. Declining issues outnumbered advancing ones on the NYSE by a 1.16-to-1 ratio; on Nasdaq, a 1.18-to-1 ratio favoured decliners. The S&P 500 posted five new 52-week highs and seven new lows; the Nasdaq Composite recorded 45 new highs and 67 new lows. Volume on U.S. exchanges was 7 billion shares, compared to the 6.74 billion average for the full session over the last 20 trading days.

Wall Street falls as investors cautious on trade; Intel slides

Wall Street stocks tumbled amid renewed trade war fears on Tuesday, joining other leading bourses in <a href="https://www.wionews.com/world/wall-street-falls-as-white-house-plans-to-raise-china-tariffs-216536">selling off amid signs</a> Washington and Beijing are moving further from an agreement.

The Dow Jones Industrial Average fell 1.8 per cent to 25,965.09. The broad-based S&amp;P 500 shed 1.7 per cent to 2,884.05, while the tech-rich Nasdaq Composite Index dropped 2.0 per cent to 7,963.76.

Hopes the <a href="https://www.wionews.com/world/chinas-top-trade-negotiator-to-visit-us-despite-tariffs-216689">United States and China can seal a trade</a> deal took a hit over the weekend when President Donald Trump threatened to raise tariffs on Chinese imports as of Friday.

Beijing has decided to proceed with key trade talks later this week but the White House now says US duties on $200 billion in Chinese merchandise will more than double on Friday.

Investors have generally viewed the Trump threats as a bargaining tactic. Still, Tuesday's pullback suggested some fear the latest back-and-forth could pose a more serious obstacle.

"The new tariffs have caught the market off guard," said Quincy Krosby, chief market strategist of Prudential Financial.

"The question becomes, What will the Chinese do?" Industrials were a hard-hit sector, with Caterpillar, United Technologies and 3M all losing more than 2.0 per cent.

Technology companies also fell, with Apple, Microsoft and Facebook all losing more than two per cent. Among individual companies, drug maker Mylan plunged 23.8 per cent after reporting disappointing first-quarter sales and skepticism over some of the company's forecasts.

Wall Street stocks tumbled amid renewed trade war fears on Tuesday, joining other leading bourses in selling off amid signs Washington and Beijing are moving further from an agreement.

Wall Street stocks tumbled amid renewed trade war fears on Tuesday, joining other leading bourses in selling off amid signs Washington and Beijing are moving further from an agreement. The Dow Jones Industrial Average fell 1.8 per cent to 25,965.09. The broad-based S&P 500 shed 1.7 per cent to 2,884.05, while the tech-rich Nasdaq Composite Index dropped 2.0 per cent to 7,963.76. Hopes the United States and China can seal a trade deal took a hit over the weekend when President Donald Trump threatened to raise tariffs on Chinese imports as of Friday. Beijing has decided to proceed with key trade talks later this week but the White House now says US duties on $200 billion in Chinese merchandise will more than double on Friday. Investors have generally viewed the Trump threats as a bargaining tactic. Still, Tuesday's pullback suggested some fear the latest back-and-forth could pose a more serious obstacle. "The new tariffs have caught the market off guard," said Quincy Krosby, chief market strategist of Prudential Financial. "The question becomes, What will the Chinese do?" Industrials were a hard-hit sector, with Caterpillar, United Technologies and 3M all losing more than 2.0 per cent. Technology companies also fell, with Apple, Microsoft and Facebook all losing more than two per cent. Among individual companies, drug maker Mylan plunged 23.8 per cent after reporting disappointing first-quarter sales and skepticism over some of the company's forecasts.

Wall Street stocks tumble over US-China trade war fears; Dow, Nasdaq bleed

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

Tesla Inc said on Monday it could seek alternative sources of financing although it expects cash generated from its business to be enough to fund its investments and pay down debt for at least the next 12 months.

Wall Street has been looking for more details after <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/tesla-ceo-elon-musk-strikes-deal-with-market-regulators-over-tweets-213814&amp;sa=U&amp;ved=2ahUKEwiM5ZLewvXhAhU16nMBHTCvCDMQFjABegQIDxAC&amp;usg=AOvVaw0LICCY6XsSjZS26phRsExQ">Chief Executive Officer Elon Musk</a> suggested last week that a capital raise could be imminent as the electric vehicle maker posted a $700 million loss for the first quarter.

"There is some merit to raising capital," Musk said on an earnings conference call on Wednesday, after being asked why he had not done so yet. "It's probably about the right time."

Shares of the company, which were initially up 2 per cent after Musk reached a deal with the US regulators to settle a dispute over his use of Twitter, pared most of their gains to trade up 0.2 per cent at $235.60 before the bell.

Many analysts had predicted the company would need to raise funds for its expansion, including the Shanghai factory, the upcoming Model Y SUV and other projects.

"We continually evaluate our capital expenditure needs and may decide it is best to raise additional capital to fund the rapid growth of our business," the electric car maker said in a regulatory filing&nbsp;

Tesla has $2.2 billion in cash and expects capital expenditures of about $2.5 billion to $3 billion annually for the next two fiscal years. The company's total debt stood at $10.33 billion as of March 31.

However, tapping the debt market for raising capital might become more expensive for the electric car maker.

Tesla's $1.8 billion junk bond sank half a cent to yield 8.42 per cent on Friday, more than 3 percentage points above the bond's coupon rate of 5.3 per cent.

Its spread or the premium investors demand the added risk of holding Tesla debt rather than a safer US Treasury security, widened by about 15 basis points to a near-record 611 basis points.

"We may need or want to raise additional funds in the future, and these funds may not be available to us when we need or want them, or at all," Tesla said in the filing.

Tesla Inc said on Monday it could seek alternative sources of financing although it expects cash generated from its business to be enough to fund its investments and pay down debt for at least the next 12 months.

Tesla Inc said on Monday it could seek alternative sources of financing although it expects cash generated from its business to be enough to fund its investments and pay down debt for at least the next 12 months. Wall Street has been looking for more details after Chief Executive Officer Elon Musk suggested last week that a capital raise could be imminent as the electric vehicle maker posted a $700 million loss for the first quarter. "There is some merit to raising capital," Musk said on an earnings conference call on Wednesday, after being asked why he had not done so yet. "It's probably about the right time." Shares of the company, which were initially up 2 per cent after Musk reached a deal with the US regulators to settle a dispute over his use of Twitter, pared most of their gains to trade up 0.2 per cent at $235.60 before the bell. Many analysts had predicted the company would need to raise funds for its expansion, including the Shanghai factory, the upcoming Model Y SUV and other projects. "We continually evaluate our capital expenditure needs and may decide it is best to raise additional capital to fund the rapid growth of our business," the electric car maker said in a regulatory filing Tesla has $2.2 billion in cash and expects capital expenditures of about $2.5 billion to $3 billion annually for the next two fiscal years. The company's total debt stood at $10.33 billion as of March 31. However, tapping the debt market for raising capital might become more expensive for the electric car maker. Tesla's $1.8 billion junk bond sank half a cent to yield 8.42 per cent on Friday, more than 3 percentage points above the bond's coupon rate of 5.3 per cent. Its spread or the premium investors demand the added risk of holding Tesla debt rather than a safer US Treasury security, widened by about 15 basis points to a near-record 611 basis points. "We may need or want to raise additional funds in the future, and these funds may not be available to us when we need or want them, or at all," Tesla said in the filing.

Tesla says may seek alternative financing sources

Shares in Lyft surged Friday in its stock market debut, after raising $2.3 billion in an IPO that marks a turning point for the ride-hailing business and the so-called "sharing economy."

The six-year old San Francisco-based company, trading on Nasdaq under the ticker "LYFT," opened at $87.24, up 21 per cent from its initial offering price before retreating somewhat. Near 1650 GMT, shares were trading at $80.92, up 12.4 per cent.

Lyft was first off the line with its stock offering ahead of an expected IPO later this year from its much-larger rival Uber. Other hotly-anticipated tech IPOs are expected this year from business collaboration firm Slack and visual discovery engine Pinterest. &nbsp;

Uber and Lyft are among the most prominent firms in the sharing economy, which also includes home-sharing platform Airbnb, and highlight a trend away from ownership to services.

Both companies have driven the smartphone economy to spectacular growth to the detriment of the taxi industry, while also raising questions for automakers about car sales.&nbsp;

"Ridesharing has transformed our lives, making it easier and cheaper to get where we need to go, and it's pioneering an undeniable trend toward transportation as a service," said Gene Munster and Will Thompson of the investment firm Loup Ventures, in a research note this week.

These firms, which also are stepping up moves to autonomous rides, have been expanding aggressively -- with Lyft gaining market share in the United States and Uber in dozens of international markets.

They also have sought to become broader transportation platforms that connect consumers to e-scooters, electric bikes and local transit systems.

Big losses

But Lyft lost $911 million on $2.2 billion in 2018 revenues. Documents show revenues grew sharply from just $343 million in 2016, but losses widened as well.

"Lyft will have to sustain strong double-digit revenue growth for a several years before coming close to break even," said a note from Briefing.com said in a note, adding that ride-hailing profitability could be enhanced significantly by autonomous driving, an ambition of both of the main players.

"We are still in the very early innings in terms of this transition to the transportation-as-a-service market," Briefing said. "While smaller upstarts continue to enter the space, Uber and Lyft enjoy a duopoly."

Analyst Richard Windsor, who writes the tech blog Radio Free Mobile, argues that Lyft may not be ready for the scrutiny it will face as a publicly-traded firm.

"Lyft is shooting itself in the foot by going public, as I continue to think that the company is not ready for the harsh glare of the public market and it is giving away a big edge that it could have had over Uber," Windsor writes.

Controversy

The surge in the industry has not been without controversy.

One issue has been increased congestion: Schaller Consult estimated there are more than 10,000 taxis and ride-hailing vehicles on the road at the center of Manhattan each afternoon, two times the level in 2013.

"One-third of the vehicles are empty, meaning between the drop-off of one passenger and pick-up of the next passenger, clogging the streets without any mobility benefit to anyone," Schaller said.

Labor practices have also drawn heckles.&nbsp;

Lyft and Uber have been classified as independent contractors, claiming that most drivers prefer the flexible work arrangement, even if it offers fewer benefits and less job security.

Lyft drivers took to the streets of San Francisco earlier this week to protest low pay, pressuring the company as it put its finishing touches on the IPO.

In 2017, Uber paid $20 million to settle a Federal Trade Commission suit that alleged the company misled drivers on pay.

Shares in Lyft surged Friday in its stock market debut, after raising $2.3 billion in an IPO that marks a turning point for the ride-hailing business and the so-called "sharing economy.

Shares in Lyft surged Friday in its stock market debut, after raising $2.3 billion in an IPO that marks a turning point for the ride-hailing business and the so-called "sharing economy." The six-year old San Francisco-based company, trading on Nasdaq under the ticker "LYFT," opened at $87.24, up 21 per cent from its initial offering price before retreating somewhat. Near 1650 GMT, shares were trading at $80.92, up 12.4 per cent. Lyft was first off the line with its stock offering ahead of an expected IPO later this year from its much-larger rival Uber. Other hotly-anticipated tech IPOs are expected this year from business collaboration firm Slack and visual discovery engine Pinterest. Uber and Lyft are among the most prominent firms in the sharing economy, which also includes home-sharing platform Airbnb, and highlight a trend away from ownership to services. Both companies have driven the smartphone economy to spectacular growth to the detriment of the taxi industry, while also raising questions for automakers about car sales. "Ridesharing has transformed our lives, making it easier and cheaper to get where we need to go, and it's pioneering an undeniable trend toward transportation as a service," said Gene Munster and Will Thompson of the investment firm Loup Ventures, in a research note this week. These firms, which also are stepping up moves to autonomous rides, have been expanding aggressively -- with Lyft gaining market share in the United States and Uber in dozens of international markets. They also have sought to become broader transportation platforms that connect consumers to e-scooters, electric bikes and local transit systems. Big losses But Lyft lost $911 million on $2.2 billion in 2018 revenues. Documents show revenues grew sharply from just $343 million in 2016, but losses widened as well. "Lyft will have to sustain strong double-digit revenue growth for a several years before coming close to break even," said a note from Briefing.com said in a note, adding that ride-hailing profitability could be enhanced significantly by autonomous driving, an ambition of both of the main players. "We are still in the very early innings in terms of this transition to the transportation-as-a-service market," Briefing said. "While smaller upstarts continue to enter the space, Uber and Lyft enjoy a duopoly." Analyst Richard Windsor, who writes the tech blog Radio Free Mobile, argues that Lyft may not be ready for the scrutiny it will face as a publicly-traded firm. "Lyft is shooting itself in the foot by going public, as I continue to think that the company is not ready for the harsh glare of the public market and it is giving away a big edge that it could have had over Uber," Windsor writes. Controversy The surge in the industry has not been without controversy. One issue has been increased congestion: Schaller Consult estimated there are more than 10,000 taxis and ride-hailing vehicles on the road at the center of Manhattan each afternoon, two times the level in 2013. "One-third of the vehicles are empty, meaning between the drop-off of one passenger and pick-up of the next passenger, clogging the streets without any mobility benefit to anyone," Schaller said. Labor practices have also drawn heckles. Lyft and Uber have been classified as independent contractors, claiming that most drivers prefer the flexible work arrangement, even if it offers fewer benefits and less job security. Lyft drivers took to the streets of San Francisco earlier this week to protest low pay, pressuring the company as it put its finishing touches on the IPO. In 2017, Uber paid $20 million to settle a Federal Trade Commission suit that alleged the company misled drivers on pay.

Ride-hailing company Lyft rises in Wall Street premier

A savvy investor who managed to time the start of Wall Street's bull market a decade ago - and hold on since then - would now be sitting on a handsome windfall.

Born in the ashes of the financial crisis, Wall Street's oldest-ever bull market turns 10 years old on Saturday, with the S&amp;P 500 tripling in value and amply rewarding investors who have owned funds tracking the index for that period.

The S&amp;P 500's post-crisis low close was 676.53 points on March 9, 2009. During the previous session on March 6, it touched an intraday low of 666.79, which came to be known as the "devil's low."

On Friday, the benchmark index closed at 2,743.07, down 2 per cent for the week.

Extraordinary efforts by the US Federal Reserve to foster an economic recovery from the financial crisis through asset purchases and rock-bottom interest rates have provided essential support for the market during its bull run. Sweeping corporate tax cuts passed by President Donald Trump fuelled market gains for much of 2018, before a steep sell-off starting in September that raised fears the bull run was coming to the end.

Investors who bought and kept shares in cosmetics retailer Ulta Beauty on March 9, 2009, would have seen their investment gain nearly 7,000 per cent during that time, more than any other stock on the S&amp;P 500. Netflix is the second biggest performer over the past decade, up over 6,000 per cent.

At the other extreme, telecommunications company CenturyLink has slumped almost 50 per cent since the start of the bull run, more than any other stock still in the S&amp;P 500.

The S&amp;P 500 has turned in a handsome annualised return of 15 per cent during the bull market, with the consumer discretionary and information technology indexes each up about 20 per cent annually.

But timing is everything. An investor who bought the S&amp;P 500 a year before the bull market began would have had to weather steep losses, trimming the S&amp;P 500's annualised return since then to 7 per cent and narrowing the consumer discretionary and information technology sectors' annualised gains to 12 per cent.

With analysts slashing estimates for US&nbsp;banks and other multinationals, the S&amp;P 500 traded at a low-point of 10.6 times expected earnings in December 2008, before Wall Street's bear market ended and turned the corner. It is now trading at 16.5 times expected earnings, according to Refinitiv.

After dropping 19.8 per cent from its record high close on Sept. 20 through Dec. 24, the S&amp;P 500 has slowly recovered and is now just 7 per cent short of regaining that high.

A savvy investor who managed to time the start of Wall Street's bull market a decade ago - and hold on since then - would now be sitting on a handsome windfall. Born in the ashes of the financial crisis, Wall Street's oldest-ever bull market turns 10 years old on Saturday, with the S&P 500 tripling in value and amply rewarding investors who have owned funds tracking the index for that period.

A savvy investor who managed to time the start of Wall Street's bull market a decade ago - and hold on since then - would now be sitting on a handsome windfall. Born in the ashes of the financial crisis, Wall Street's oldest-ever bull market turns 10 years old on Saturday, with the S&P 500 tripling in value and amply rewarding investors who have owned funds tracking the index for that period. The S&P 500's post-crisis low close was 676.53 points on March 9, 2009. During the previous session on March 6, it touched an intraday low of 666.79, which came to be known as the "devil's low." On Friday, the benchmark index closed at 2,743.07, down 2 per cent for the week. Extraordinary efforts by the US Federal Reserve to foster an economic recovery from the financial crisis through asset purchases and rock-bottom interest rates have provided essential support for the market during its bull run. Sweeping corporate tax cuts passed by President Donald Trump fuelled market gains for much of 2018, before a steep sell-off starting in September that raised fears the bull run was coming to the end. Investors who bought and kept shares in cosmetics retailer Ulta Beauty on March 9, 2009, would have seen their investment gain nearly 7,000 per cent during that time, more than any other stock on the S&P 500. Netflix is the second biggest performer over the past decade, up over 6,000 per cent. At the other extreme, telecommunications company CenturyLink has slumped almost 50 per cent since the start of the bull run, more than any other stock still in the S&P 500. The S&P 500 has turned in a handsome annualised return of 15 per cent during the bull market, with the consumer discretionary and information technology indexes each up about 20 per cent annually. But timing is everything. An investor who bought the S&P 500 a year before the bull market began would have had to weather steep losses, trimming the S&P 500's annualised return since then to 7 per cent and narrowing the consumer discretionary and information technology sectors' annualised gains to 12 per cent. With analysts slashing estimates for US banks and other multinationals, the S&P 500 traded at a low-point of 10.6 times expected earnings in December 2008, before Wall Street's bear market ended and turned the corner. It is now trading at 16.5 times expected earnings, according to Refinitiv. After dropping 19.8 per cent from its record high close on Sept. 20 through Dec. 24, the S&P 500 has slowly recovered and is now just 7 per cent short of regaining that high.

Wall Street's oldest-ever bull market turns ten years old

US consumer spending in December took its biggest dive in nearly a decade, retreating during a month when Wall Street suffered a historic rout, according to government data released Friday.

In January, consumers also saw the biggest decline in disposable income in six years, suggesting they might not have rushed to resume spending at the start of 2019, the Commerce Department reported.

Meanwhile inflation &nbsp;at the end of the year continued to hover just below the Federal Reserve's two percent target, weighed down by falling energy prices, according to the report.

However, the Fed is working with limited data ahead of this month's interest rate-setting policy meeting, due to the recent government shutdown that spanned five weeks. The Commerce Department was forced to delay many reports, and the release Friday did not have complete data for January, depriving the Fed of a key inflation measure.

As US stocks suffering their worst December since the Great Depression, Americans put the brakes on shopping, causing the biggest drop in consumer spending since September 2009, according to the report.

This came despite a large bump in disposable income, which grew 1.1 per cent that month, its biggest increase in six years, driving up the savings rate to its highest level in nearly three years.

The numbers were another sign that the US economy slowed sharply at the end of 2018. Economists say Wall Street sell-offs can make consumers more cautious about spending.

However, economists say the numbers are misleading and will be revised upwards as more data comes in.

"We remain firmly of the view that the December retail sales and spending numbers will be revised up sharply in due course, but for now the data are grim," said Ian Shepherdson of Pantheon Macroeconomics.&nbsp;

The January dip in income was merely a return to normal after December's increase, he said.&nbsp;

In January, incomes fell and disposable income declined 0.2 per cent, the biggest drop since January 2013, suggesting consumers faced a disincentive to resume spending again at the start of 2019.

Meanwhile, falling energy prices continued to weigh on inflation.

The Personal Consumption Expenditures price index -- the Fed's preferred inflation measure -- rose 0.1 per cent in December compared to November. Excluding volatile food and fuel prices, the "core" index gained 0.2 per cent for December, a tenth higher than economists' expectations.

Year-on-year, the index slowed to 1.7 per cent, its slowest pace since October of 2017, but the core index held steady at 1.9 per cent. 
&nbsp;

US consumer spending in December took its biggest dive in nearly a decade, retreating during a month when Wall Street suffered a historic rout, according to government data released Friday.

US consumer spending in December took its biggest dive in nearly a decade, retreating during a month when Wall Street suffered a historic rout, according to government data released Friday. In January, consumers also saw the biggest decline in disposable income in six years, suggesting they might not have rushed to resume spending at the start of 2019, the Commerce Department reported. Meanwhile inflation at the end of the year continued to hover just below the Federal Reserve's two percent target, weighed down by falling energy prices, according to the report. However, the Fed is working with limited data ahead of this month's interest rate-setting policy meeting, due to the recent government shutdown that spanned five weeks. The Commerce Department was forced to delay many reports, and the release Friday did not have complete data for January, depriving the Fed of a key inflation measure. As US stocks suffering their worst December since the Great Depression, Americans put the brakes on shopping, causing the biggest drop in consumer spending since September 2009, according to the report. This came despite a large bump in disposable income, which grew 1.1 per cent that month, its biggest increase in six years, driving up the savings rate to its highest level in nearly three years. The numbers were another sign that the US economy slowed sharply at the end of 2018. Economists say Wall Street sell-offs can make consumers more cautious about spending. However, economists say the numbers are misleading and will be revised upwards as more data comes in. "We remain firmly of the view that the December retail sales and spending numbers will be revised up sharply in due course, but for now the data are grim," said Ian Shepherdson of Pantheon Macroeconomics. The January dip in income was merely a return to normal after December's increase, he said. In January, incomes fell and disposable income declined 0.2 per cent, the biggest drop since January 2013, suggesting consumers faced a disincentive to resume spending again at the start of 2019. Meanwhile, falling energy prices continued to weigh on inflation. The Personal Consumption Expenditures price index -- the Fed's preferred inflation measure -- rose 0.1 per cent in December compared to November. Excluding volatile food and fuel prices, the "core" index gained 0.2 per cent for December, a tenth higher than economists' expectations. Year-on-year, the index slowed to 1.7 per cent, its slowest pace since October of 2017, but the core index held steady at 1.9 per cent.

US consumer spending in December at historic low, reveals government data

Lyft on Friday filed documents for its stock offering, beating rival ride-sharing group Uber for a Wall Street listing and becoming one of the most prominent venture-backed tech firms to hit public markets in recent years.

"We are laser-focused on revolutionising transportation and continue to lead the market in innovation," Lyft said in its filing, setting a preliminary target of raising $100 million.&nbsp;

The documents offering the first glimpse of Lyft's finances and showed the California firm lost $911 million on $2.2 billion in 2018 revenues.

Lyft's private valuation has been estimated at $15 billion, considerably smaller than Uber but one of the largest startups worth more than $1 billion, popularly known as "unicorns."

Some reports say the firm, to be traded on the Nasdaq under the symbol LYFT, will seek a valuation of more than $20 billion. Lyft has discussed the possibility of expanding globally but so far has operated only in the US and Canada.

The filing with the Securities and Exchange Commission said only that "we may continue to expand our international operations," without any specifics.

The document said Lyft had completed over one billion rides since its inception in 2012 and had bookings last year of $8.1 billion.

Lyft's mission, according to the statement, revolves around reducing the number of cars on roads, and includes a path toward self-driving vehicles.

"We believe that cities should be built for people, not cars," the company said. "Mass car ownership strains our cities and reduces the very freedom that cars once provided."

Lyft said it is also investing in autonomous technology and hopes to roll out more self-driving vehicles.

"We believe that the strength of our brand, our trusted relationships with riders and our expertise in operating a ridesharing network at scale, as well as our two-pronged strategy to bring autonomous vehicles to market, will be competitive advantages that will enable us to capture value in the emerging autonomous vehicle ecosystem," the statement said.

Lyft on Friday filed documents for its stock offering, beating rival ride-sharing group Uber for a Wall Street listing and becoming one of the most prominent venture-backed tech firms to hit public markets in recent years.

Lyft on Friday filed documents for its stock offering, beating rival ride-sharing group Uber for a Wall Street listing and becoming one of the most prominent venture-backed tech firms to hit public markets in recent years. "We are laser-focused on revolutionising transportation and continue to lead the market in innovation," Lyft said in its filing, setting a preliminary target of raising $100 million. The documents offering the first glimpse of Lyft's finances and showed the California firm lost $911 million on $2.2 billion in 2018 revenues. Lyft's private valuation has been estimated at $15 billion, considerably smaller than Uber but one of the largest startups worth more than $1 billion, popularly known as "unicorns." Some reports say the firm, to be traded on the Nasdaq under the symbol LYFT, will seek a valuation of more than $20 billion. Lyft has discussed the possibility of expanding globally but so far has operated only in the US and Canada. The filing with the Securities and Exchange Commission said only that "we may continue to expand our international operations," without any specifics. The document said Lyft had completed over one billion rides since its inception in 2012 and had bookings last year of $8.1 billion. Lyft's mission, according to the statement, revolves around reducing the number of cars on roads, and includes a path toward self-driving vehicles. "We believe that cities should be built for people, not cars," the company said. "Mass car ownership strains our cities and reduces the very freedom that cars once provided." Lyft said it is also investing in autonomous technology and hopes to roll out more self-driving vehicles. "We believe that the strength of our brand, our trusted relationships with riders and our expertise in operating a ridesharing network at scale, as well as our two-pronged strategy to bring autonomous vehicles to market, will be competitive advantages that will enable us to capture value in the emerging autonomous vehicle ecosystem," the statement said.

Lyft files for stock offering, beating Uber to Wall Street

Alphabet Inc reported sharply higher fourth-quarter spending on video content, employees and facilities, worrying investors who sent the tech company's shares down about 3 per cent after hours on Monday.

Google's <a href="http://www.wionews.com/world/alphabet-board-sued-on-allegations-of-sexual-misconduct-cover-up-189502">parent company</a>&nbsp;beat Wall Street's estimates for revenue and profit, but the bigger-than-expected spending prompted investors to question whether cash funnelled into Alphabet's newer businesses will generate the returns that its search engine unit historically has.

"While the core business is still growing impressively, the significant spending shows growth isn’t quite as capital-light as had been hoped," said George Salmon, a stock analyst at financial firm Hargreaves Lansdown.

The company reported $31.07 billion in total fourth-quarter costs and expenses, up 26 per cent from last year. Capital expenditures rose 64 per cent compared to last year, up to $7.08 billion.

Spending was pushed higher by Google boosting staffing on its cloud computing division, promoting its consumer devices and YouTube subscription packages and acquiring office buildings in Silicon Valley and New York City.

Alphabet Chief Financial Officer Ruth Porat told analysts that capital expenditures would moderate significantly this year, but the company would continue to invest in long-term bets on artificial intelligence services, consumer hardware and emerging markets.

Revenue, profit beats

Alphabet's fourth-quarter revenue rose 22 per cent from a year ago to $39.28 billion, compared with Wall Street's average estimate of $38.93 billion, according to IBES data from Refinitiv. About 83 per cent of the revenue came from Google's ad system.

Heavy advertising in the run-up to the holiday shopping season boosted sales. Google Chief Executive Sundar Pichai told analysts the number of people shopping on Google.com each day during the holidays doubled over last year.

Profit for the quarter was $8.95 billion, or $12.77 per share, compared with a $3 billion loss a year ago. That beat analysts' average estimates of $7.69 billion, or $10.87 per share.

Partly because of the higher spending, the Alphabet's operating margin was 21 per cent, down from 24 per cent in the year-ago period.

"For a growth company, investment should be applauded," said Atlantic Equities analyst James Cordwell. "But a lot of the additional expenditure is going into the cloud where it is unclear whether there will ever be a return on that investment." Google remains behind rival Amazon.com Inc in the cloud, said Cordwell.

The company has authorized a plan to buy back an additional $12.5 billion worth of its shares, Porat said.

No news on waymo

Google's mostly free search, video and productivity tools are used by billions of people across the world, despite a backlash in some countries over how the company uses and protects customer information.

Investors concerned that Alphabet's future growth, especially in emerging markets, will not match its previous rates, are looking to the company's other businesses to provide new streams of revenue. But Alphabet gave away little new information on its other ventures on Monday.

It gave no indication when its self-driving car company Waymo will generate noticeable revenue. In October, Alphabet said Waymo had begun revenue-generating rides within a small section of Arizona but did not break out the company's financials.

Pichai said Google's cloud computing unit last year doubled the number of deals it struck worth more than $1 million. The cloud unit's G Suite productivity product now has 5 million customers, he said, up from 4 million in last year's first quarter.

Alphabet Inc reported sharply higher fourth-quarter spending on video content, employees and facilities, worrying investors who sent the tech company's shares down about 3 per cent after hours on Monday.

Alphabet Inc reported sharply higher fourth-quarter spending on video content, employees and facilities, worrying investors who sent the tech company's shares down about 3 per cent after hours on Monday. Google's parent company beat Wall Street's estimates for revenue and profit, but the bigger-than-expected spending prompted investors to question whether cash funnelled into Alphabet's newer businesses will generate the returns that its search engine unit historically has. "While the core business is still growing impressively, the significant spending shows growth isn’t quite as capital-light as had been hoped," said George Salmon, a stock analyst at financial firm Hargreaves Lansdown. The company reported $31.07 billion in total fourth-quarter costs and expenses, up 26 per cent from last year. Capital expenditures rose 64 per cent compared to last year, up to $7.08 billion. Spending was pushed higher by Google boosting staffing on its cloud computing division, promoting its consumer devices and YouTube subscription packages and acquiring office buildings in Silicon Valley and New York City. Alphabet Chief Financial Officer Ruth Porat told analysts that capital expenditures would moderate significantly this year, but the company would continue to invest in long-term bets on artificial intelligence services, consumer hardware and emerging markets. Revenue, profit beats Alphabet's fourth-quarter revenue rose 22 per cent from a year ago to $39.28 billion, compared with Wall Street's average estimate of $38.93 billion, according to IBES data from Refinitiv. About 83 per cent of the revenue came from Google's ad system. Heavy advertising in the run-up to the holiday shopping season boosted sales. Google Chief Executive Sundar Pichai told analysts the number of people shopping on Google.com each day during the holidays doubled over last year. Profit for the quarter was $8.95 billion, or $12.77 per share, compared with a $3 billion loss a year ago. That beat analysts' average estimates of $7.69 billion, or $10.87 per share. Partly because of the higher spending, the Alphabet's operating margin was 21 per cent, down from 24 per cent in the year-ago period. "For a growth company, investment should be applauded," said Atlantic Equities analyst James Cordwell. "But a lot of the additional expenditure is going into the cloud where it is unclear whether there will ever be a return on that investment." Google remains behind rival Amazon.com Inc in the cloud, said Cordwell. The company has authorized a plan to buy back an additional $12.5 billion worth of its shares, Porat said. No news on waymo Google's mostly free search, video and productivity tools are used by billions of people across the world, despite a backlash in some countries over how the company uses and protects customer information. Investors concerned that Alphabet's future growth, especially in emerging markets, will not match its previous rates, are looking to the company's other businesses to provide new streams of revenue. But Alphabet gave away little new information on its other ventures on Monday. It gave no indication when its self-driving car company Waymo will generate noticeable revenue. In October, Alphabet said Waymo had begun revenue-generating rides within a small section of Arizona but did not break out the company's financials. Pichai said Google's cloud computing unit last year doubled the number of deals it struck worth more than $1 million. The cloud unit's G Suite productivity product now has 5 million customers, he said, up from 4 million in last year's first quarter.

Alphabet's higher spending worries investors, shares dip

Wall Street ended mixed on Friday, as optimism from a surge in January US job growth was offset by a weaker-than-expected outlook from Amazon that battered retail stocks.

The online retail heavyweight slumped 5.38 per cent after its quarterly sales forecast fell short of Wall Street estimates, overshadowing its record sales and profit during the holiday season.

Those results put the Nasdaq in negative territory, while retailers Walmart Inc, Macy's Inc and Kohl's Corp each dropped more than 2 per cent. The S&amp;P consumer discretionary index fell 1.77 per cent.

A US Labor Department report showed nonfarm payrolls jumped by 304,000 jobs last month, the largest gain since February 2018 and beating economists' expectations for an increase of 165,000.

That report, along with better-than-expected ISM manufacturing activity numbers for January, pointed to underlying strength in the economy despite an uncertain outlook that has left the Federal Reserve wary about more US interest rate hikes this year.

"What the unemployment report is telling you is that people want to go back to work," said Tom Martin, senior portfolio manager at GlobAlt Investments in Atlanta. "The consumer needs to be strong, and if the consumer is employed, the consumer will stay strong."

Even as the US economy remains on a stable footing, investors are concerned that a slowdown overseas could hurt profit growth, with high-profile companies such as Apple Inc warning of slower demand in China.

Data showed China's manufacturing sector shrank in January for the second straight month, heightening risks for global growth amid a trade war with the United States.

The Dow Jones Industrial Average climbed 0.26 per cent to end the week at 25,063.89 points, while the S&amp;P 500 edged 0.09 per cent higher to 2,706.53.

The Nasdaq Composite dropped 0.25 per cent to 7,263.87.

The S&amp;P 500 rose 1.6 per cent for the week and the benchmark index is up 8 per cent so far in 2019, but it still remains 8 per cent below its record high close on Sept. 20, 2018.

The Dow added 1.3 per cent for the week and the Nasdaq gained 1.4 per cent.

During Friday's session, Exxon Mobil Corp and Chevron Corp jumped more than 3 per cent apiece after the oil majors reported better-than-expected quarterly profits, boosting the Dow Jones Industrials.

The S&amp;P energy index rallied 1.83 per cent, also helped by higher oil prices.

Cigna Corp slid 2.88 per cent lower after the health insurer forecast 2019 revenue and earnings below estimates.

Advancing issues outnumbered declining ones on the NYSE by a 1.30-to-1 ratio; on Nasdaq, a 1.37-to-1 ratio favoured advancers.

The S&amp;P 500 posted 29 new 52-week highs and no new lows; the Nasdaq Composite recorded 51 new highs and 20 new lows.

Volume on US exchanges was 7.5 billion shares, compared with the 7.7 billion share average over the last 20 trading days.

Wall Street ended mixed on Friday, as optimism from a surge in January US job growth was offset by a weaker-than-expected outlook from Amazon that battered retail stocks.

Wall Street ended mixed on Friday, as optimism from a surge in January US job growth was offset by a weaker-than-expected outlook from Amazon that battered retail stocks. The online retail heavyweight slumped 5.38 per cent after its quarterly sales forecast fell short of Wall Street estimates, overshadowing its record sales and profit during the holiday season. Those results put the Nasdaq in negative territory, while retailers Walmart Inc, Macy's Inc and Kohl's Corp each dropped more than 2 per cent. The S&P consumer discretionary index fell 1.77 per cent. A US Labor Department report showed nonfarm payrolls jumped by 304,000 jobs last month, the largest gain since February 2018 and beating economists' expectations for an increase of 165,000. That report, along with better-than-expected ISM manufacturing activity numbers for January, pointed to underlying strength in the economy despite an uncertain outlook that has left the Federal Reserve wary about more US interest rate hikes this year. "What the unemployment report is telling you is that people want to go back to work," said Tom Martin, senior portfolio manager at GlobAlt Investments in Atlanta. "The consumer needs to be strong, and if the consumer is employed, the consumer will stay strong." Even as the US economy remains on a stable footing, investors are concerned that a slowdown overseas could hurt profit growth, with high-profile companies such as Apple Inc warning of slower demand in China. Data showed China's manufacturing sector shrank in January for the second straight month, heightening risks for global growth amid a trade war with the United States. The Dow Jones Industrial Average climbed 0.26 per cent to end the week at 25,063.89 points, while the S&P 500 edged 0.09 per cent higher to 2,706.53. The Nasdaq Composite dropped 0.25 per cent to 7,263.87. The S&P 500 rose 1.6 per cent for the week and the benchmark index is up 8 per cent so far in 2019, but it still remains 8 per cent below its record high close on Sept. 20, 2018. The Dow added 1.3 per cent for the week and the Nasdaq gained 1.4 per cent. During Friday's session, Exxon Mobil Corp and Chevron Corp jumped more than 3 per cent apiece after the oil majors reported better-than-expected quarterly profits, boosting the Dow Jones Industrials. The S&P energy index rallied 1.83 per cent, also helped by higher oil prices. Cigna Corp slid 2.88 per cent lower after the health insurer forecast 2019 revenue and earnings below estimates. Advancing issues outnumbered declining ones on the NYSE by a 1.30-to-1 ratio; on Nasdaq, a 1.37-to-1 ratio favoured advancers. The S&P 500 posted 29 new 52-week highs and no new lows; the Nasdaq Composite recorded 51 new highs and 20 new lows. Volume on US exchanges was 7.5 billion shares, compared with the 7.7 billion share average over the last 20 trading days.

Amazon jitters offset upbeat jobs data on Wall Street

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

The S&amp;P 500 jumped to a three-week high on Tuesday, led by Apple, Amazon, Facebook and industrial shares on bets that the United States and China would strike a deal to end their trade war.

The three-day rally kicked off on Friday following robust US&nbsp;jobs data and dovish comments on interest rates by Federal Reserve chief Jerome Powell has lifted the S&amp;P 500 by over 9 per cent from 20-month lows touched around Christmas.

The S&amp;P 500 has gained in seven of the past nine sessions.

The United States and China will extend trade talks in Beijing for an unscheduled third day, a member of the US&nbsp;delegation said, as the world's two largest economies looked to resolve their bitter trade dispute. So far, officials from both sides have sounded optimistic, with President Donald Trump saying talks were going well.

"You're seeing some negotiations happen and the market is starting to think that perhaps we'll start to see a framework evolve," said Anik Sen, global head of equities at PineBridge Investments.

The trade-sensitive S&amp;P industrials sector rose 1.41 percent. Boeing Co&nbsp;shares jumped 3.79 per cent, contributing the most to the Dow's rise, after the company said it had delivered a record 806 aircraft in 2018.

Apple Inc &nbsp;rose 1.91 per cent, regaining some ground after the company last week warned of weaker-than-expected demand for its iPhones. But tech sector gains were limited by a drop in chip stocks after Samsung blamed an estimated 29 per cent drop in quarterly profit on weak chip demand.

The Philadelphia Semiconductor index slid 0.49 per cent. Adding to the woes, Goldman Sachs forecast a tough year for chipmakers, particularly in the first half.

Other investors remained upbeat about upcoming US&nbsp;quarterly results.

"It's the new year and investors are really stepping back and taking a look at the fundamentals, and realizing it's not as bad a story as maybe we thought toward the end of the year," said Jeff Kravetz, a regional investment strategist at U.S. Bank Wealth Management.

The communication services index climbed 1.58 per cent, with Facebook Inc adding 3.25 per cent after JPMorgan said the social media company was among its favourite internet picks for 2019.

Amazon.com Inc&nbsp;rose 1.66 per cent, increasing its market capitalization to $810 billion and cementing its position as the most valuable US&nbsp;company.

The S&P 500 jumped to a three-week high on Tuesday, led by Apple, Amazon, Facebook and industrial shares on bets that the United States and China would strike a deal to end their trade war.

The S&P 500 jumped to a three-week high on Tuesday, led by Apple, Amazon, Facebook and industrial shares on bets that the United States and China would strike a deal to end their trade war. The three-day rally kicked off on Friday following robust US jobs data and dovish comments on interest rates by Federal Reserve chief Jerome Powell has lifted the S&P 500 by over 9 per cent from 20-month lows touched around Christmas. The S&P 500 has gained in seven of the past nine sessions. The United States and China will extend trade talks in Beijing for an unscheduled third day, a member of the US delegation said, as the world's two largest economies looked to resolve their bitter trade dispute. So far, officials from both sides have sounded optimistic, with President Donald Trump saying talks were going well. "You're seeing some negotiations happen and the market is starting to think that perhaps we'll start to see a framework evolve," said Anik Sen, global head of equities at PineBridge Investments. The trade-sensitive S&P industrials sector rose 1.41 percent. Boeing Co shares jumped 3.79 per cent, contributing the most to the Dow's rise, after the company said it had delivered a record 806 aircraft in 2018. Apple Inc rose 1.91 per cent, regaining some ground after the company last week warned of weaker-than-expected demand for its iPhones. But tech sector gains were limited by a drop in chip stocks after Samsung blamed an estimated 29 per cent drop in quarterly profit on weak chip demand. The Philadelphia Semiconductor index slid 0.49 per cent. Adding to the woes, Goldman Sachs forecast a tough year for chipmakers, particularly in the first half. Other investors remained upbeat about upcoming US quarterly results. "It's the new year and investors are really stepping back and taking a look at the fundamentals, and realizing it's not as bad a story as maybe we thought toward the end of the year," said Jeff Kravetz, a regional investment strategist at U.S. Bank Wealth Management. The communication services index climbed 1.58 per cent, with Facebook Inc adding 3.25 per cent after JPMorgan said the social media company was among its favourite internet picks for 2019. Amazon.com Inc rose 1.66 per cent, increasing its market capitalization to $810 billion and cementing its position as the most valuable US company.

Apple, Facebook propel Wall Street to three-week peak

Malaysia said Tuesday it was investigating claims China offered to help bail out <a href="http://www.wionews.com/world/malaysia-files-criminal-charges-against-goldman-sachs-in-1mdb-probe-184778">scandal-hit state fund 1MDB </a>and get foreign probes into the controversy dropped in return for securing infrastructure deals.

Huge sums were purportedly looted from the Malaysian government fund in an audacious fraud, which allegedly involved <a href="http://www.wionews.com/world/former-prime-minister-of-malaysia-charged-for-altering-state-funds-1mdb-loot-183396">former leader Najib Razak </a>and contributed to his shock poll defeat in May.

The Wall Street Journal reported Chinese officials offered in 2016 to help bail out the debt-mired fund and said they would try to use their influence to get countries to drop investigations into the case, citing minutes from meetings between Chinese and Malaysian officials.

Stolen 1MDB money was allegedly laundered via a complex web of transactions around the world, and countries including Singapore, the US and Switzerland have launched probes. Despite the reported Chinese offer, the investigations continued.

The Chinese also offered to bug the homes and offices of Wall Street Journal reporters in Hong Kong who were investigating 1MDB to find out who was passing information to them, the paper said.

In exchange, the report said that Malaysia promised stakes in railway and pipeline projects as part of China's "Belt and Road Initiative", a major infrastructure drive seeking to link Asia, Europe, and Africa.

Within months, the government in Kuala Lumpur signed billions of dollars worth of deals with Chinese state companies backed by funding from Chinese banks.

Malaysian Finance Minister Lim Guan Eng told local media that he could not confirm the claims but would look into the matter.

"If there is anything that explicitly states this in black and white, we will pursue the case," he was cited as saying.

A finance ministry spokeswoman confirmed Lim made the comments.

The Chinese government information office did not respond to requests for comment, the Wall Street Journal said. China's foreign ministry has previously denied money from its infrastructure programme was used to bail out 1MDB, it said.

Since the defeat of Najib's government to a reformist alliance in May — the first change of government since Malaysia became an independent country — ties have cooled markedly between Beijing and Kuala Lumpur.

New Malaysian Prime Minister Mahathir Mohamad, who came out of retirement to oust former protege Najib amid public anger over 1MDB, has shelved $22 billion worth of Chinese projects.

The US State Department alleges that $4.5 billion was looted from the fund by Najib and his cronies, and spent on everything from artwork to high-end real estate.&nbsp;

Najib has been arrested and charged over the scandal since being ejected from office. He denies any wrongdoing.

Huge sums were purportedly looted from the Malaysian government fund in an audacious fraud, which allegedly involved former leader Najib Razak.

Malaysia said Tuesday it was investigating claims China offered to help bail out scandal-hit state fund 1MDB and get foreign probes into the controversy dropped in return for securing infrastructure deals. Huge sums were purportedly looted from the Malaysian government fund in an audacious fraud, which allegedly involved former leader Najib Razak and contributed to his shock poll defeat in May. The Wall Street Journal reported Chinese officials offered in 2016 to help bail out the debt-mired fund and said they would try to use their influence to get countries to drop investigations into the case, citing minutes from meetings between Chinese and Malaysian officials. Stolen 1MDB money was allegedly laundered via a complex web of transactions around the world, and countries including Singapore, the US and Switzerland have launched probes. Despite the reported Chinese offer, the investigations continued. The Chinese also offered to bug the homes and offices of Wall Street Journal reporters in Hong Kong who were investigating 1MDB to find out who was passing information to them, the paper said. In exchange, the report said that Malaysia promised stakes in railway and pipeline projects as part of China's "Belt and Road Initiative", a major infrastructure drive seeking to link Asia, Europe, and Africa. Within months, the government in Kuala Lumpur signed billions of dollars worth of deals with Chinese state companies backed by funding from Chinese banks. Malaysian Finance Minister Lim Guan Eng told local media that he could not confirm the claims but would look into the matter. "If there is anything that explicitly states this in black and white, we will pursue the case," he was cited as saying. A finance ministry spokeswoman confirmed Lim made the comments. The Chinese government information office did not respond to requests for comment, the Wall Street Journal said. China's foreign ministry has previously denied money from its infrastructure programme was used to bail out 1MDB, it said. Since the defeat of Najib's government to a reformist alliance in May — the first change of government since Malaysia became an independent country — ties have cooled markedly between Beijing and Kuala Lumpur. New Malaysian Prime Minister Mahathir Mohamad, who came out of retirement to oust former protege Najib amid public anger over 1MDB, has shelved $22 billion worth of Chinese projects. The US State Department alleges that $4.5 billion was looted from the fund by Najib and his cronies, and spent on everything from artwork to high-end real estate. Najib has been arrested and charged over the scandal since being ejected from office. He denies any wrongdoing.

Malaysia probes claim China offered to bail out 1MDB

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

Wall Street edged higher on Wednesday after <a href="http://www.wionews.com/world/wall-street-starts-new-year-with-1-percent-slide-on-global-slowdown-jitters-187942">stumbling out of the starting gate on the first trading day of 2019</a>, while fears of a global economic slowdown were exacerbated after Apple cut its holiday-quarter revenue forecast.

Apple&nbsp;dropped 8 per cent in extended trading late in the day after the iPhone maker slashed its outlook for the December quarter, blaming weak demand in China.

Shares of Apple's suppliers also fell, and S&amp;P 500 futures&nbsp;dropped 1.3 per cent, signalling that Wednesday's modest advance could unwind when the market reopens on Thursday.

"To see Apple's sales drop off this much says something about the Chinese economy," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. "Any company that does business in China will feel the impact of this."

Stocks had started the session lower after separate reports showed a deceleration in factory activity in China and the euro zone, indicating the ongoing trade dispute between the United States and China was taking a toll on global manufacturing.

Energy stocks led the S&amp;P 500's advance and the sector was the index's biggest percentage gainer, buoyed by a 2.4 per cent jump in crude prices. The group was the worst performing S&amp;P sector in 2018.

Gains were offset by healthcare&nbsp;and so-called defensive sectors, such as real estate, utilities&nbsp;and consumer staples. Healthcare companies provided the biggest drag on the S&amp;P 500 and the Dow.

The Dow Jones Industrial Average&nbsp;rose 18.78 points, or 0.08 per cent, to 23,346.24, the S&amp;P 500&nbsp;gained 3.18 points, or 0.13 per cent, to 2,510.03 and the Nasdaq Composite&nbsp;added 30.66 points, or 0.46 per cent, to 6,665.94.

Of the 11 major sectors in the S&amp;P 500, seven closed in positive territory.

Banks got a boost from Barclays, as the broker wrote in a research note that the sector could outperform the S&amp;P this year. The Dow Jones Industrial average was led higher with gains from Goldman Sachs&nbsp;and JPMorgan.

Tesla Inc&nbsp;delivered fewer-than-expected Model 3 sedans in the fourth quarter and cut US&nbsp;prices. The electric automaker's shares slid 6.8 per cent.

General Electric Co&nbsp;jumped 6.3 per cent in heavy trading as bargain hunters bought the stock in the wake of its over 50-per cent plunge in 2018.

In the coming weeks, the fourth-quarter reporting period will get underway. Analysts see S&amp;P 500 companies posting profit gains of 15.8 per cent, significantly smaller than the third quarter's 28.4 per cent advance.

Advancing issues outnumbered declining ones on the NYSE by a 2.10-to-1 ratio; on Nasdaq, a 2.42-to-1 ratio favoured advancers.

The S&amp;P 500 posted no new 52-week highs and 4 new lows; the Nasdaq Composite recorded 9 new highs and 58 new lows.

Volume on US&nbsp;exchanges was 7.80 billion shares, compared to the 9.18 billion average for the full session over the last 20 trading days.

Apple dropped 8 per cent in extended trading late in the day after the iPhone maker slashed its outlook for the December quarter, blaming weak demand in China.

Wall Street edged higher on Wednesday after stumbling out of the starting gate on the first trading day of 2019, while fears of a global economic slowdown were exacerbated after Apple cut its holiday-quarter revenue forecast. Apple dropped 8 per cent in extended trading late in the day after the iPhone maker slashed its outlook for the December quarter, blaming weak demand in China. Shares of Apple's suppliers also fell, and S&P 500 futures dropped 1.3 per cent, signalling that Wednesday's modest advance could unwind when the market reopens on Thursday. "To see Apple's sales drop off this much says something about the Chinese economy," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. "Any company that does business in China will feel the impact of this." Stocks had started the session lower after separate reports showed a deceleration in factory activity in China and the euro zone, indicating the ongoing trade dispute between the United States and China was taking a toll on global manufacturing. Energy stocks led the S&P 500's advance and the sector was the index's biggest percentage gainer, buoyed by a 2.4 per cent jump in crude prices. The group was the worst performing S&P sector in 2018. Gains were offset by healthcare and so-called defensive sectors, such as real estate, utilities and consumer staples. Healthcare companies provided the biggest drag on the S&P 500 and the Dow. The Dow Jones Industrial Average rose 18.78 points, or 0.08 per cent, to 23,346.24, the S&P 500 gained 3.18 points, or 0.13 per cent, to 2,510.03 and the Nasdaq Composite added 30.66 points, or 0.46 per cent, to 6,665.94. Of the 11 major sectors in the S&P 500, seven closed in positive territory. Banks got a boost from Barclays, as the broker wrote in a research note that the sector could outperform the S&P this year. The Dow Jones Industrial average was led higher with gains from Goldman Sachs and JPMorgan. Tesla Inc delivered fewer-than-expected Model 3 sedans in the fourth quarter and cut US prices. The electric automaker's shares slid 6.8 per cent. General Electric Co jumped 6.3 per cent in heavy trading as bargain hunters bought the stock in the wake of its over 50-per cent plunge in 2018. In the coming weeks, the fourth-quarter reporting period will get underway. Analysts see S&P 500 companies posting profit gains of 15.8 per cent, significantly smaller than the third quarter's 28.4 per cent advance. Advancing issues outnumbered declining ones on the NYSE by a 2.10-to-1 ratio; on Nasdaq, a 2.42-to-1 ratio favoured advancers. The S&P 500 posted no new 52-week highs and 4 new lows; the Nasdaq Composite recorded 9 new highs and 58 new lows. Volume on US exchanges was 7.80 billion shares, compared to the 9.18 billion average for the full session over the last 20 trading days.

Wall Street ekes out gains, Apple cuts revenue forecast after the bell

US stocks started the new year with a more than one&nbsp;percent decline on Wednesday, as weak data in Asia and Europe confirmed fears of a global economic slowdown while the US&nbsp;government shutdown dragged on.

All 11 major S&amp;P sectors were lower in early trading, with declines in the technology and healthcare indexes weighing the most on the market. All 30 of the Dow Industrial components were in the red.

China's factory activity contracted for the first time in 19 months in December, hit by the Sino-US&nbsp;trade war, with the weakness spilling over to other Asian economies. Euro zone manufacturing activity dropped for the fifth month and barely avoided contraction.

The grim readings come ahead of the closely watched US&nbsp;manufacturing survey on Thursday, payrolls data on Friday and the US&nbsp;earnings season later this month, which is expected to show corporate profit shrunk in the October-December quarter.

"Increasing evidence of China's economy weakening further has sent chills throughout global markets. This fear has been a depressing factor for the markets," Peter Cardillo, chief market economist at Spartan Capital Securities, said in a client note.

At 9:56 a.m. ET, the Dow Jones Industrial Average was down 259.33 points, or 1.11 per cent, at 23,068.13, the S&amp;P 500 was down 27.61 points, or 1.10 per cent, at 2,479.24 and the Nasdaq Composite was down 79.29 points, or 1.20 per cent, at 6,555.98.

The tech index slipped 1.15 percent, with Microsoft Corp and Apple Inc down nearly 2 percent. Amazon.com Inc and Netflix Inc fell over 1 percent to drag the consumer discretionary sector down by 0.90 percent.

Healthcare, 2018's best performing sector, dropped 1.61 per cent, while energy, last year's worst performing sector, fell 0.94 per cent as concerns about an economic slowdown also hit oil prices.

A low appetite for risk sparked demand for U.S. Treasuries, sending yields on 10-year debt to a 12-month low of 2.6470 per cent.

Meanwhile, the U.S. Congress is set to reconvene with no signs of a workable plan to end a 12-day-old partial shutdown and Trump not budging on his demand for $5 billion to fund a border wall. A Democrat plan to approve a two-part spending package does not include these funds.

Tesla Inc sank 8.6 per cent after the electric car maker delivered fewer-than-expected Model 3 sedans in the fourth quarter and cut prices for all its vehicles in the United States in response to the loss of a green tax credit.

Declining issues outnumbered advancers for a 4.22-to-1 ratio on the NYSE and a 2.43-to-1 ratio on the Nasdaq.

The S&amp;P index recorded no new 52-week highs and three new lows, while the Nasdaq recorded three new highs and 44 new lows.

US stocks started the new year with a more than one percent decline on Wednesday, as weak data in Asia and Europe confirmed fears of a global economic slowdown while the US government shutdown dragged on.

US stocks started the new year with a more than one percent decline on Wednesday, as weak data in Asia and Europe confirmed fears of a global economic slowdown while the US government shutdown dragged on. All 11 major S&P sectors were lower in early trading, with declines in the technology and healthcare indexes weighing the most on the market. All 30 of the Dow Industrial components were in the red. China's factory activity contracted for the first time in 19 months in December, hit by the Sino-US trade war, with the weakness spilling over to other Asian economies. Euro zone manufacturing activity dropped for the fifth month and barely avoided contraction. The grim readings come ahead of the closely watched US manufacturing survey on Thursday, payrolls data on Friday and the US earnings season later this month, which is expected to show corporate profit shrunk in the October-December quarter. "Increasing evidence of China's economy weakening further has sent chills throughout global markets. This fear has been a depressing factor for the markets," Peter Cardillo, chief market economist at Spartan Capital Securities, said in a client note. At 9:56 a.m. ET, the Dow Jones Industrial Average was down 259.33 points, or 1.11 per cent, at 23,068.13, the S&P 500 was down 27.61 points, or 1.10 per cent, at 2,479.24 and the Nasdaq Composite was down 79.29 points, or 1.20 per cent, at 6,555.98. The tech index slipped 1.15 percent, with Microsoft Corp and Apple Inc down nearly 2 percent. Amazon.com Inc and Netflix Inc fell over 1 percent to drag the consumer discretionary sector down by 0.90 percent. Healthcare, 2018's best performing sector, dropped 1.61 per cent, while energy, last year's worst performing sector, fell 0.94 per cent as concerns about an economic slowdown also hit oil prices. A low appetite for risk sparked demand for U.S. Treasuries, sending yields on 10-year debt to a 12-month low of 2.6470 per cent. Meanwhile, the U.S. Congress is set to reconvene with no signs of a workable plan to end a 12-day-old partial shutdown and Trump not budging on his demand for $5 billion to fund a border wall. A Democrat plan to approve a two-part spending package does not include these funds. Tesla Inc sank 8.6 per cent after the electric car maker delivered fewer-than-expected Model 3 sedans in the fourth quarter and cut prices for all its vehicles in the United States in response to the loss of a green tax credit. Declining issues outnumbered advancers for a 4.22-to-1 ratio on the NYSE and a 2.43-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week highs and three new lows, while the Nasdaq recorded three new highs and 44 new lows.

Wall Street starts new year with 1% slide on global slowdown jitters

Wall Street closed higher in the final session of 2018 on Monday, but the year proved to be the worst for US stocks since the financial crisis a decade ago.

The Dow Jones Industrial Average climbed 1.2 per cent to close the year at 23,327.46 -- which meant a loss of 5.6 per cent from 2017.

The broad-based S&amp;P 500 advanced 0.9 per cent in the session to 2,506.85, a loss of 6.2 per cent for the year.

The tech-rich Nasdaq Composite Index advanced 0.8 per cent to end at 6,635.28 a decline of 3.9 per cent for 2018.

Wall Street closed higher in the final session of 2018 on Monday, but the year proved to be the worst for US stocks since the financial crisis a decade ago. The Dow Jones Industrial Average climbed 1.

Wall Street closed higher in the final session of 2018 on Monday, but the year proved to be the worst for US stocks since the financial crisis a decade ago. The Dow Jones Industrial Average climbed 1.2 per cent to close the year at 23,327.46 -- which meant a loss of 5.6 per cent from 2017. The broad-based S&P 500 advanced 0.9 per cent in the session to 2,506.85, a loss of 6.2 per cent for the year. The tech-rich Nasdaq Composite Index advanced 0.8 per cent to end at 6,635.28 a decline of 3.9 per cent for 2018.

US stocks gain in final session; 2018 sees biggest decline since 2008

<a href="http://www.wionews.com/world/global-markets-stocks-dip-ahead-of-federal-news-oil-prices-drop-185217">Global investors</a> gravitated toward safe-haven assets on Friday as worries about the world economy persisted, cutting short a two-day rebound in Wall Street stocks.

US stock indexes seesawed, making it difficult to end one of the most brutal December selloffs in memory on a high note.

"Markets will likely remain treacherous in the New Year," Marc Chandler, chief market strategist at Bannockburn Global Forex LLC, told clients.

After flirting with strong gains in the afternoon, the Dow Jones Industrial Average&nbsp;

MSCI's index of global equities gained 0.57 per cent to bring the global benchmark to a weekly advance near 2 per cent.

Markets swung wildly in a week shortened by the Christmas holiday, starting with Wall Street's worst-ever Christmas Eve drop, pushing the S&amp;P 500 to within a whisker of bear market territory.

But efforts at a late Santa Claus rally failed to salve investors after a year that brought gains for very few categories of financial assets, from stocks to bonds and commodities. The global MSCI index, the S&amp;P 500, the Dow and the Nasdaq are each headed for their worst years since the 2008 financial crisis.

The dollar index dipped 0.14 per cent, with the euro up 0.14 per cent to $1.1445 and Japanese yen strengthening 0.75 per cent against the greenback at 110.17 per dollar. The greenback is down 1 per cent this month against a basket of major currencies.

That has boosted gold, a traditional safe haven whose appeal this year was hit by a stronger dollar, which makes the yellow metal more expensive to buyers with other currencies. Gold is perched at six-month highs of $1,280.11 an ounce.&nbsp;

The steady drumbeat of disappointing economic data reinforced caution, including Japan's slowing industrial output and retail sales, declining German inflation and US data for November showing contracts to buy previously owned homes fell unexpectedly in the latest sign of housing market weakness.

Breaking with the bad news, the Chicago Purchasing Management Index came in ahead of consensus.

Chris Bailey, a strategist at brokerage Raymond James Financial Inc, said dollar weakness was good news for non-US assets.

"If we get the transmission mechanism of a lower dollar, stocks outside the US are set up for a good 2019," Bailey said. "Once people get their heads around the fact the US is not going to have yet another double-digit return year in 2019, you can look elsewhere."

That would be a relief to world markets that largely underperformed the United States in 2018.

Bonds have also been helped in recent weeks by risk aversion. US benchmark 10-year Treasury notes last rose 8/32 in price to yield 2.7146 per cent, compared with 2.743 per cent late on Thursday.&nbsp;

Oil prices lifted a bit off two-year lows after a near 40 per cent decline this quarter with US West Texas Intermediate crude futures settling up 1.6 per cent to $45.33 per barrel.

The Energy Information Administration reported US crude stocks fell modestly last week.&nbsp;

Global investors gravitated toward safe-haven assets on Friday as worries about the world economy persisted, cutting short a two-day rebound in Wall Street stocks.

Global investors gravitated toward safe-haven assets on Friday as worries about the world economy persisted, cutting short a two-day rebound in Wall Street stocks. US stock indexes seesawed, making it difficult to end one of the most brutal December selloffs in memory on a high note. "Markets will likely remain treacherous in the New Year," Marc Chandler, chief market strategist at Bannockburn Global Forex LLC, told clients. After flirting with strong gains in the afternoon, the Dow Jones Industrial Average MSCI's index of global equities gained 0.57 per cent to bring the global benchmark to a weekly advance near 2 per cent. Markets swung wildly in a week shortened by the Christmas holiday, starting with Wall Street's worst-ever Christmas Eve drop, pushing the S&P 500 to within a whisker of bear market territory. But efforts at a late Santa Claus rally failed to salve investors after a year that brought gains for very few categories of financial assets, from stocks to bonds and commodities. The global MSCI index, the S&P 500, the Dow and the Nasdaq are each headed for their worst years since the 2008 financial crisis. The dollar index dipped 0.14 per cent, with the euro up 0.14 per cent to $1.1445 and Japanese yen strengthening 0.75 per cent against the greenback at 110.17 per dollar. The greenback is down 1 per cent this month against a basket of major currencies. That has boosted gold, a traditional safe haven whose appeal this year was hit by a stronger dollar, which makes the yellow metal more expensive to buyers with other currencies. Gold is perched at six-month highs of $1,280.11 an ounce. The steady drumbeat of disappointing economic data reinforced caution, including Japan's slowing industrial output and retail sales, declining German inflation and US data for November showing contracts to buy previously owned homes fell unexpectedly in the latest sign of housing market weakness. Breaking with the bad news, the Chicago Purchasing Management Index came in ahead of consensus. Chris Bailey, a strategist at brokerage Raymond James Financial Inc, said dollar weakness was good news for non-US assets. "If we get the transmission mechanism of a lower dollar, stocks outside the US are set up for a good 2019," Bailey said. "Once people get their heads around the fact the US is not going to have yet another double-digit return year in 2019, you can look elsewhere." That would be a relief to world markets that largely underperformed the United States in 2018. Bonds have also been helped in recent weeks by risk aversion. US benchmark 10-year Treasury notes last rose 8/32 in price to yield 2.7146 per cent, compared with 2.743 per cent late on Thursday. Oil prices lifted a bit off two-year lows after a near 40 per cent decline this quarter with US West Texas Intermediate crude futures settling up 1.6 per cent to $45.33 per barrel. The Energy Information Administration reported US crude stocks fell modestly last week.

Global markets: Equities markets limp to finish line after volatile week

World stocks rose to one-week highs on Friday and looked set to snap a three-week losing streak after a late-session bounce overnight on Wall Street filtered into Asian and European markets.

Safe-haven assets were also in demand amid broader doubts about the market stability that in turn eroded the dollar's appeal.

US shares appeared poised for another rise, with futures for the S&amp;P500, Dow Jones and Nasdaq indices all up around half a per cent while a pan-European benchmark rose 1.7 per cent, reversing Thursday's retreat.

That took MSCI's all-country equity index 0.6 per cent higher, for a weekly gain so far of almost 2 per cent.

Non-US&nbsp;equities have however not matched a two-day surge on Wall Street that saw the S&amp;P 500 gain 5.9 per cent, its best performance since August 2015.

While Wall Street's resilience has fuelled hope that some of the market pressure may be easing, investors remain wary.

"The volatility here at year-end is unlikely to be sustained, but without more encouraging signals from Washington, the markets will likely remain treacherous in the New Year," Marc Chandler at Bannockburn securities told clients.

Volatility in Europe and in the United States spiked to highs not seen since a global stock market correction in February, but the main volatility gauge has since subsided to one-week lows.

Among currencies, the dollar slipped 0.55 per cent to 110.40 yen and was on track to lose more than 2 per cent against the Japanese currency this month. Against the Swiss franc, it declined 0.3 per cent to 0.9853 francs.

Another safe-haven asset, gold, inched up to touch a six-month high of $1,282 an ounce.

The steady drumbeat of disappointing data continued to reinforce caution, with Japan's industrial output contracting in November and retail sales showing sharply.

In Europe, German annual inflation slowed sharply in December.

The euro and sterling both firmed 0.3 per cent against the soft dollar , while an index of emerging market currencies touched three-week highs.

Chris Bailey, a strategist at brokerage Raymond James, said dollar weakness was good news for non-US assets.

"My feeling is... if we get the transmission mechanism of a lower dollar, stocks outside the US are set up for a good 2019," Bailey said. "Once people get their heads around the fact the US is not going to have yet another double-digit return year in 2019, you can look elsewhere."

This year though, the annual picture for most assets remains grim, with world stocks, for instance, losing close to 12 per cent so far in 2018 and oil prices falling 30 per cent.

Brent crude futures, which had rebounded after Thursday's 4.2 per cent fall, eased back half a per cent to $51.9 a barrel as rising U.S. inventories and concern over global economic growth weighed

On bond markets, yields on safer debt from Germany and the United States rose slightly, though they remained near multi-month lows.

In Italy, 10-year yields are set for their biggest monthly drop since July 2015. The last auction of the year there saw investors willing to buy 10-year government bonds at 2.70 per cent, down from 3.24 per cent last month.

The auction could be a sign Italy has turned a corner after months of volatile trading amid fractious talks over its spending plans with Brussels.

Safe-haven assets were also in demand amid broader doubts about the market stability that in turn eroded the dollar's appeal.

World stocks rose to one-week highs on Friday and looked set to snap a three-week losing streak after a late-session bounce overnight on Wall Street filtered into Asian and European markets. Safe-haven assets were also in demand amid broader doubts about the market stability that in turn eroded the dollar's appeal. US shares appeared poised for another rise, with futures for the S&P500, Dow Jones and Nasdaq indices all up around half a per cent while a pan-European benchmark rose 1.7 per cent, reversing Thursday's retreat. That took MSCI's all-country equity index 0.6 per cent higher, for a weekly gain so far of almost 2 per cent. Non-US equities have however not matched a two-day surge on Wall Street that saw the S&P 500 gain 5.9 per cent, its best performance since August 2015. While Wall Street's resilience has fuelled hope that some of the market pressure may be easing, investors remain wary. "The volatility here at year-end is unlikely to be sustained, but without more encouraging signals from Washington, the markets will likely remain treacherous in the New Year," Marc Chandler at Bannockburn securities told clients. Volatility in Europe and in the United States spiked to highs not seen since a global stock market correction in February, but the main volatility gauge has since subsided to one-week lows. Among currencies, the dollar slipped 0.55 per cent to 110.40 yen and was on track to lose more than 2 per cent against the Japanese currency this month. Against the Swiss franc, it declined 0.3 per cent to 0.9853 francs. Another safe-haven asset, gold, inched up to touch a six-month high of $1,282 an ounce. The steady drumbeat of disappointing data continued to reinforce caution, with Japan's industrial output contracting in November and retail sales showing sharply. In Europe, German annual inflation slowed sharply in December. The euro and sterling both firmed 0.3 per cent against the soft dollar , while an index of emerging market currencies touched three-week highs. Chris Bailey, a strategist at brokerage Raymond James, said dollar weakness was good news for non-US assets. "My feeling is... if we get the transmission mechanism of a lower dollar, stocks outside the US are set up for a good 2019," Bailey said. "Once people get their heads around the fact the US is not going to have yet another double-digit return year in 2019, you can look elsewhere." This year though, the annual picture for most assets remains grim, with world stocks, for instance, losing close to 12 per cent so far in 2018 and oil prices falling 30 per cent. Brent crude futures, which had rebounded after Thursday's 4.2 per cent fall, eased back half a per cent to $51.9 a barrel as rising U.S. inventories and concern over global economic growth weighed On bond markets, yields on safer debt from Germany and the United States rose slightly, though they remained near multi-month lows. In Italy, 10-year yields are set for their biggest monthly drop since July 2015. The last auction of the year there saw investors willing to buy 10-year government bonds at 2.70 per cent, down from 3.24 per cent last month. The auction could be a sign Italy has turned a corner after months of volatile trading amid fractious talks over its spending plans with Brussels.

World stocks at one-week highs as Wall Street extends rebound

Wall Street stocks roared back to life on Wednesday, shaking off four straight routs following strong retail sales data and White House reassurances that Fed Chair Jay Powell won't be fired.

The Dow Jones Industrial Average finished up nearly 1,100 points, or about five per cent, at 22,878.45.&nbsp;

The broad-based S&amp;P 500 also surged five per cent to 2,467.70, while the tech-rich Nasdaq Composite Index advanced 5.8 per cent to 6,554.36.

The US gains were the biggest for a single session on Wall Street in nine years, a surge analysts attributed in part to technical factors after days of selling.

"It's coming off of oversold conditions and it was frankly due for a bounce," said Matt Miskin, market strategist at John Hancock Investments.

"Sentiment can be fickle in times like these, so it's important to not get whipsawed."

Still, the session was not without its shaky moments. After opening solidly higher, the Dow briefly sank into the red in mid-morning before recovering and gathering steam throughout the day.&nbsp;

Earlier, Tokyo closed higher on Wednesday, logging its first positive finish in six sessions. Chinese stocks closed slightly lower, while Seoul also dropped.

Financial markets in Australia, Hong Kong were closed for a public holiday, along with bourses in London, Paris and Frankfurt.

More weakness ahead?

Many investors have been unnerved by a variety of factors, including the partial US government shutdown, the US-China trade war and Trump's ongoing criticism of Fed Chair Powell.

The sense of bearishness among investors is "just huge," said Karl Haeling of LBBW.

"From a tactical standpoint, you can expect a reflex rally," said Canaccord Genuity equity strategist Tony Dwyer in a note released ahead of Wednesday's session. "But it is hard to find an extreme oversold low that is not retested."

Yet some analysts have argued that the stock market's weakness in December has been disproportionate to economic conditions at a time when unemployment is low and growth is still solid.

"Our judgment is that the US economy remains solid at the moment," though investors need to pay attention to the possible impact of US trade rows with other countries on financial markets and business outlooks, said a report by Norio Miyagawa, senior economist at Mizuho Securities.

"As financial markets regain their calm, we expect US stocks and the dollar will track higher," he said.

Data from Mastercard SpendingPulse showed US holiday sales increased 5.1 per cent this holiday season to more than $850 billion, the biggest growth in the last six years.

White House economic advisor Kevin Hassett sought to reassure on Powell's prospects, telling ABC News the Fed chief is "100 per cent" safe. The remarks followed weekend media reports that US President Donald Trump has discussed firing Powell.

Analysts also took heart from a nearly nine per cent jump in US oil prices, the biggest in more than two years and another bounce back following recent weakness in petroleum markets.&nbsp;

Retailers were especially strong, with Amazon soaring 9.5 per cent after declaring that its notched new records in holiday sales, fueled by "tens of millions" of new subscriptions or free trials of its Prime service.

Petroleum-linked shares also had a good session, with Chevron winning 6.3 per cent and Halliburton 5.1 per cent following the rally in oil prices. 
&nbsp;

Wall Street stocks roared back to life on Wednesday, shaking off four straight routs following strong retail sales data and White House reassurances that Fed Chair Jay Powell won't be fired.

Wall Street stocks roared back to life on Wednesday, shaking off four straight routs following strong retail sales data and White House reassurances that Fed Chair Jay Powell won't be fired. The Dow Jones Industrial Average finished up nearly 1,100 points, or about five per cent, at 22,878.45. The broad-based S&P 500 also surged five per cent to 2,467.70, while the tech-rich Nasdaq Composite Index advanced 5.8 per cent to 6,554.36. The US gains were the biggest for a single session on Wall Street in nine years, a surge analysts attributed in part to technical factors after days of selling. "It's coming off of oversold conditions and it was frankly due for a bounce," said Matt Miskin, market strategist at John Hancock Investments. "Sentiment can be fickle in times like these, so it's important to not get whipsawed." Still, the session was not without its shaky moments. After opening solidly higher, the Dow briefly sank into the red in mid-morning before recovering and gathering steam throughout the day. Earlier, Tokyo closed higher on Wednesday, logging its first positive finish in six sessions. Chinese stocks closed slightly lower, while Seoul also dropped. Financial markets in Australia, Hong Kong were closed for a public holiday, along with bourses in London, Paris and Frankfurt. More weakness ahead? Many investors have been unnerved by a variety of factors, including the partial US government shutdown, the US-China trade war and Trump's ongoing criticism of Fed Chair Powell. The sense of bearishness among investors is "just huge," said Karl Haeling of LBBW. "From a tactical standpoint, you can expect a reflex rally," said Canaccord Genuity equity strategist Tony Dwyer in a note released ahead of Wednesday's session. "But it is hard to find an extreme oversold low that is not retested." Yet some analysts have argued that the stock market's weakness in December has been disproportionate to economic conditions at a time when unemployment is low and growth is still solid. "Our judgment is that the US economy remains solid at the moment," though investors need to pay attention to the possible impact of US trade rows with other countries on financial markets and business outlooks, said a report by Norio Miyagawa, senior economist at Mizuho Securities. "As financial markets regain their calm, we expect US stocks and the dollar will track higher," he said. Data from Mastercard SpendingPulse showed US holiday sales increased 5.1 per cent this holiday season to more than $850 billion, the biggest growth in the last six years. White House economic advisor Kevin Hassett sought to reassure on Powell's prospects, telling ABC News the Fed chief is "100 per cent" safe. The remarks followed weekend media reports that US President Donald Trump has discussed firing Powell. Analysts also took heart from a nearly nine per cent jump in US oil prices, the biggest in more than two years and another bounce back following recent weakness in petroleum markets. Retailers were especially strong, with Amazon soaring 9.5 per cent after declaring that its notched new records in holiday sales, fueled by "tens of millions" of new subscriptions or free trials of its Prime service. Petroleum-linked shares also had a good session, with Chevron winning 6.3 per cent and Halliburton 5.1 per cent following the rally in oil prices.

Wall Street roars back to life in best session in 9 years

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

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