NEW YORK: Wall Street stocks shrugged off doubts about the US economy and powered higher on Thursday , with Apple soaring ahead of an expected product launch next week.The broad-based S&P 500 advanced 30.65 points to 2,854.88, while the tech-rich Nasdaq Composite Index jumped 109.99 points to 7,838.96.surprised markets with a dovish policy decision that analysts said raised doubts about the US economic outlook.
But Thursday's performance showed investors believe"the Fed will do what it can to please the markets," said Meeschaert Financial Service's Gregori Volokhine, adding that money managers fear losing out on more gains later in the year. Apple surged 3.6 per cent on positive buzz ahead of a Mar 25 event expected to unveil a new streaming service. Apple was upgraded by Needham and its price target was lifted by Citigroup.Chip companies also had a strong day, with Advanced Micro Devices winning 8.5 per cent, Western Digital 9.8 per cent and Micron Technology 9.6 per cent following results from Micron., returning to the public markets for the first time in nearly 35 years, soared 31.
But biotech company Biogen plunged 29.2 per cent after it halted clinical trials for a medication once thought to offer promise for treating Alzheimer's disease.
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Singapore investors snap up US stocks in Q4 amid Wall St plungeTHE final quarter of 2018 saw the US market taking its biggest fall in almost a decade, with investors from virtually everywhere cashing or pulling out - except those based in Singapore. Read more at The Business Times.
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China's Parliament passes new foreign investment law to facilitate US trade talksBEIJING - China on Friday (March 15) passed a new foreign investment law that it said will even the playing field for foreign firms and protect their legal rights, even though the slimmed-down law was expedited compared to past laws.. Read more at straitstimes.com.
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