Stocks rise on Wall Street, but China's main market dives

  • 📰 ABC
  • ⏱ Reading Time:
  • 58 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 27%
  • Publisher: 51%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

MARKETS: Stocks are opening solidly higher on Wall Street as the market finds its footing after two weeks of losses amid uncertainty over the virus outbreak that began in China.

A security officer wearing a face mask walks in front of the Shanghai Stock Exchange building in Shanghai, Monday, Feb. 3, 2020. The Shanghai Composite index tumbled 8.7% Monday then rebounded slightly as Chinese regulators moved to stabilize markets reopening from a prolonged national holiday despite a rising death toll from a new virus that has spread to more than 20 countries.

China’s main stock index tumbled in its first day of trading after an extended Lunar New Year holiday break bottled up much of the pressure that had been released in other markets. The Shanghai benchmark index fell 7.7% and China’s central bank announced it was injecting $173 billion into the markets to ensure there would be enough cash.

The outbreak is threatening China’s economy as much of the nation shuts down. Many analysts have dropped their forecasts for growth in the world's second-largest economy, to near 5% from earlier forecasts of 6% for the year. With tens of millions of Chinese city dwellers ordered to mostly stay home, retailer and tourism-related businesses already are suffering.

Bond prices fell sharply, sending yields higher. The yield on the 10-year Treasury rose to 1.56% from 1.51% late Friday in another sign that investors were more confident. The rise in bond yields helped lift banks, which rely on higher yields to charge more lucrative interest rates.Investors face another busy week of corporate earnings, with 94 companies in the S&P 500 index reporting results, according to FactSet.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Trumps economy is Boooooming..... Winning

Mnuchin is pumping our borrowed tax money into the markets to prop them up before the State of the Union. When the back door government meddling stops, what goes up, will come tumbling down.

Thank you President Trump!!

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 471. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

These stocks could benefit from unseasonably warm temperatures, says JefferiesNew for subscribers: These stocks could benefit from unseasonably warm temperatures, says Jefferies Check out CNBCPro and get your first 30 days free.
Source: CNBC - 🏆 12. / 72 Read more »

Chinese stocks crash as Wuhan coronavirus fears rampage through markets | Markets InsiderChinese stocks plunged on Monday as Wuhan coronavirus continues to spread. The CSI 300 index fell as much as 9.1%, its worst opening in almost 1... My gut says it's a tradewar tactic
Source: BusinessInsider - 🏆 729. / 51 Read more »

U.S. Stocks Attempt To Rebound, Despite China’s $400 Billion Coronavirus Market Sell-OffI am a New York—based reporter for Forbes, covering breaking news—with a focus on financial topics. Previously, I've reported at Money Magazine, The Villager NYC, and The East Hampton Star. I graduated from the University of St Andrews in 2018, majoring in International Relations and Modern History. Follow me on Twitter skleb1234 or email me at sklebnikovforbes.com Nope it’s falling apart idc what u try to bs us with
Source: Forbes - 🏆 394. / 53 Read more »

China Movie Industry Shares Crash as Mainland Stock Markets ReopenThe shares of China’s entertainment companies crashed within minutes of stock markets reopening on Monday morning. Many firms saw share trading quickly halted after prices moved by the 10% maximum …
Source: Variety - 🏆 108. / 63 Read more »