US stocks rebound; dollar rises

Dhaka,  Sat,  22 July 2017
Published : 19 May 2017, 10:41:33
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US stocks rebound; dollar rises

US stocks rebound; dollar rises
US stocks rebounded on Thursday from its biggest sell-off in more than eight months, helped by strong economic data.

But uncertainty over US President Donald Trump's agenda kept an index of global equity markets near a three-week low.

The US dollar reversed early losses against a basket of major currencies after stronger-than-expected US economic data put the focus back on a widely anticipated increase in interest rates by the Federal Reserve.

MSCI's all-country world equity index was down 0.31 per cent after dipping to its lowest since April 25 earlier in the day.

The Dow Jones Industrial Average rose 56.09 points, or 0.27 per cent, to end at 20,663.02, the S&P 500 gained 8.69 points, or 0.37 per cent, to finish at 2,365.72 and the Nasdaq Composite added 43.89 points, or 0.73 per cent, to close at 6,055.13.

The pan-European FTSEurofirst 300 index closed down 0.89 per cent at 7,436.42, ending off lows.

US Treasury yields rose from one-month lows as stocks recovered from Wednesday's drop, reducing demand for safe-haven bonds.

The 10-year note was down 4/32 in price to yield 2.229 percent, up from 2.216 per cent late on Wednesday.

The US dollar reversed early losses against a basket of major currencies, getting a boost from the better-than-expected US data.

The dollar index was up 0.27 per cent, with the euro down 0.45 per cent to $1.1108.

Oil prices settled higher as key producing countries suggested they would extend supply cuts to reduce an ongoing global crude glut.

Benchmark Brent crude futures ended the session 30 cents higher at $52.51 a barrel while US crude futures settled up 28 cents at $49.35, according to Reuters.
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