Shares in New York closed higher, ending a wild week of trading on a positive note on bets that the Federal Reserve will lift US interest rates at a measured pace.P 500 industry sectors higher in New York. The VIX fell 9.1 per cent to below 28.87. The NYSE Fang + Index rallied 5.5 per cent.
“This bounce in US #stocks is consistent with what appears to be a short-term oversold situation in the midst of still-considerable longer-term uncertainty and pressures,” Mohamed El-Erian said in a tweet.In New York: BHP +2.5% Rio +2.2% Atlassian +12.3%The yield on the US 10-year note was 7 basis points higher to 2.92 per cent at 4.59pm.
In a note, Wedbush Securities Dan Ives said “this is not a Dot-com Bubble 2.0 in our opinion, it’s a massive over correction in a higher rate environment that will cause a bifurcated tech tape with clear HAVES and HAVE NOTS of tech”.Elon Musk sows doubt over his Twitter takeover : Elon Musk tweeted his bid was “temporarily on hold”, with Twitter’s shares dropping on concern the billionaire may be seeking to renegotiate or walk away.
The University of Michigan’s preliminary consumer sentiment index tumbled 9.4 per cent to 59.1 early this month, the lowest reading since August 2011. Economists polled by Reuters had forecast the index dipping to 64.
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