Wall Street recovered some of the loses from the previous week

16 February, 2018, 02:39 | Author: Elaine Woods
  • E-mini Dow Jones Industrial Average

"Unless we get a problematic surprise, I think Wednesday can actually be the event that calms the markets down".

US stocks moved sharply higher in early trading Friday, recouping some of the ground lost a day earlier when indexes plummeted, deepening a weeklong sell-off that knocked the market into a "correction" for the first time in two years.

Markets have been enduring a volatile spell since 2 February, when strong United States jobs and wage growth figures raised the spectre of rising inflation and accelerating interest rate hikes.

The U.S. unemployment rate is sitting at 17-year lows and global growth has gained momentum. "There's more volatility ahead".

USA stocks surged Monday following a wild week of reversals and sudden downturns that sent the market into correction territory.

Following a slump into correction territory last week, the S&P 500 has recovered 3.2 percent in the past three session.

The S&P 500 is down 9.3 percent from the record high it set January 26.

The Dow Jones Industrial Average added 410.37 points, or 1.70 percent, to 24,601.27.

The Standard & Poor's 500 index was up 12 points, or 0.5 percent, at 2,662.

E-mini S&P 500 Index
Daily March E-mini S&P 500 Index

The 30-stock Dow closed more than 1,000 points lower twice last week and rose more than 300 points in two other trading days. USA 10-year Treasury yields remained near 2.8312 percent, easing slightly back from Monday's four-year high of 2.9020 percent.

The CBOE Volatility Index.VIX, a widely-followed measure of short-term stock volatility and seen as a contributing factor itself to the sell-off, was last at 25.3 points, half the 50-point mark it touched last week.

At 1032 GMT, March E-mini S&P 500 Index futures are trading 2639.00, down 16.25 or -0.62%. The tech-heavy Nasdaq is up 1.6 percent in 2018.

Oil prices have dropped since reaching long-time highs in late January, when US crude peaked at $66 a barrel.

Their losses were the biggest among healthcare distributors weighing up the possible ramifications of the AmerisourceBergen deal and a report of Amazon'sAMZN.O push into the space.

Of the 70 percent of the S&P 500 companies that have reported earnings, almost 78 percent of them topped profit expectations, according to Thomson Reuters data. This is higher than the average 72 percent rate that beat expectations for the past four quarters.

Germany's DAX jumped 1.4 percent while the CAC 40 in France and the British FTSE 100 both advanced 1.2 percent.

But the bigger factor was likely the S&P's test and rebound from a key technical level on Friday when it briefly fell 11.8 percent from its January 26 record and below its 200-day moving average during that session, according to strategists.

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