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Wall Street Close Higher After Two Sessions of Declines

Stocks on Wall Street rebounded higher on Wednesday trading session after two consecutive days of declines, supported by the recovery in the world’s largest economy.

The tech-heavy Nasdaq Composite climbed 1.2% or 163 points at 13950 on Wednesday, despite the 7% fall in Netflix shares after less than expected subscription numbers in the first quarter. 

Wall Street Market

The S&P added over 38 points, or 0.9% to 4173 as recovery in financial and energy sectors led the gains. While the Dow Jones rose 316.01 points, or 0.9%, to 34137. 

Stocks managed to reverse earlier losses caused by concerns over the tech sector and global covid 19 cases.

Analysts said that recent losses are a healthy pause for stocks before edging higher again. While Investors are closely monitoring earnings to confirm the next trend.

On the other hand, the 10-year U.S. Treasury yield rose to 1.596% as the price falls. The 20-year yield reached 2.1541%.

Risks and uncertainties surrounding the global economy amid covid 19 spread still weigh on financial markets despite rising hopes about vaccines and economies reopening.

In Europe, stock markets showed a little recovery after major losses in the previous session. Stoxx 600 edged 0.7% higher on Wednesday as concerns about covid 19 cases were outweighed by rising optimism about earnings. FTSE 100 climbed 0.5% and DAX closed 0.4% higher for the day.

In currency markets, the US dollar traded lower near a six-week low hit on Tuesday, while the euro fell by more than 1.6% against rivals during the day. Meanwhile, the Canadian dollar was the top-performing currency backed by the hawkish BoC Policy Statement. Bank of Canada announced asset purchasing tapering by 1 billion starting next week after economy resilience beats expectations. The bank now expecting a sharp rebound in national GDP this year, and inflation hitting the target sustainably by the second half of 2022. 


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