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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