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NEW YORK, July 15 — US stocks closed sharply higher yesterday, ending several days of sell-offs with a rebound fuelled by upbeat earnings, strong economic data and easing fears...
US stocks on Friday closed sharply higher, ending several days of sell-offs with a rebound fueled by upbeat earnings, strong economic data and easing fears of a larger-than-expected interest rate hike by the US Federal Reserve. All three major US stock indices posted solid gains, with financials leading the charge in the wake of Citigroup Inc’s earnings beat. This reversed Thursday’s sell-off driven by downbeat guidance from rivals JPMorgan Chase & Co and Morgan Stanley. The S&P 500 and the Dow snapped five-day losing streaks, but all three indices ended below last Friday’s close...
All three major US indexes post solid gains, with financials leading charge
Financial sector-related exchange traded funds will be in the limelight this week as Wall Street banks kick off the earnings season.
Semiconductor stocks on Friday took a beating after a grim profit warning from Idaho-based Micron Technology Inc sparked fresh worries about the US’ earnings power as the country is potentially heading for a recession. Despite a broader stock market rally, the Philadelphia Stock Exchange Semiconductor Index dropped 3.8 percent after Micron, the largest maker of memory semiconductors in the US, flagged that demand was cooling for chips used in computers and smartphones. The index — which is home to US chip giants Advanced Micro Devices Inc and Nvidia Corp, as well as Micron — is down 38 ...