Wall Street gains for second straight day

Randall Padilla
February 17, 2018

Wall Street made strong gains on Monday as technology and financial shares helped it recover from its worst week in two years.

Benchmark U.S. crude gained 62 cents, or 1 percent, to $59.82 a barrel in NY.

Following Wall Street's recent swings, the S&P 500 is down 0.4 percent for the year.

The Dow Jones Industrial Average closed up 0.16% or 39.18 points at 24,640.45 while the S&P 500 also edged higher to close up 6.94 points or 0.26% at 2,662.94. The Nasdaq climbed 148, or 2.1 percent, to 7,115.

USA investors have been torn between enthusiasm for the tax cut passed by Congress a year ago that could provide a stimulus to an economy already at full employment, and growing fears that interest rates will jump as the federal government borrows big to cover its growing deficits. The futures on US WTI crude oil ended with increase of 0.09 USD to 59.29 USD per barrel, while Brent oil fell by 0.20 USD to 62.59 USD per barrel. after rising to 64.40 USD earlier during the session. Disney agreed to buy Fox's movie and television studios and some cable and global TV businesses in December for $52.4 billion.

Twenty-First Century Fox picked up 67 cents, or 1.9 percent, to $36.40 after The Wall Street Journal reported that cable and internet provider Comcast is still interested in buying Fox's entertainment divisions and could make another offer.

The latest move higher follows news that the White House will unveil a long-awaited infrastructure plan that includes $200 billion in federal infrastructure spending over 10 years.

Have You Added This Stock To Your Watch-List? The yield on the 10-year Treasury note held steady at 2.86 percent. The beverages and snacks company also hiked its dividend and unveiled a new shares buyback program. Real estate investment trusts and utilities fared the worst.

In other energy trading, wholesale gasoline fell 2 cents to $1.68 a gallon.

The S&P 500 posted one new 52-week high and eight new lows; the Nasdaq Composite recorded 24 new highs and 43 new lows.

The dollar rose to 108.65 yen from 108.53 yen. However, the appreciation of the precious metal is expected to be curbed before the USA inflation figures later this week, which may mean a faster-than-expected rise in interest rates. The euro rose to $1.23 from $1.2231.

According to the Financial Times, investors are also waiting for USA inflation figures- due on Wednesday- for signs the market will settle or that more volatility is on the way.

United States stocks have been under pressure since a strong jobs report on Feb 2 sparked fears the Federal Reserve will accelerate the pace of interest rate hikes to stave off inflation.

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