Investment Ministry, Future of Egypt Authority discuss strengthening supply chains, strategic commodity procurement    Al-Sisi reviews education reforms, orders new teacher bonus starting November    Egypt's Cabinet approves new universities, church legalisations    Egypt's UPA launches new version of MedIQ medical procurement system    CIB, CI Capital complete EGP 3.4bn securitisation bond issuance for Halan    Egypt plants over 18,000 trees in Cairo, Delta in '100 Million Trees' initiative    EGX closes mostly higher on Oct 7    Egypt urges Netherlands to increase investment, stresses Nile water security    Egypt's Foreign Minister, German counterpart hold political consultations in Cairo    Egypt's PM reviews external debt strategy to sustain downward trend    Egypt's Sisi congratulates Khaled El-Enany on landslide UNESCO director-general election win    Egypt to launch second round of tax easing by end-Oct, FinMin says    URGENT: Egypt's Khaled El-Anany unanimously elected UNESCO director-general    Al-Sisi reaffirms Egypt's military readiness on 52nd anniversary of 1973 victory    Syria releases preliminary results of first post-Assad parliament vote    Karnak's hidden origins: Study reveals Egypt's great temple rose from ancient Nile island    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    From the Ashes of Dynamite to the Light of Nobel    A Woman's Victory Shakes Global Markets    Egypt reviews Nile water inflows as minister warns of impact of encroachments on Rosetta Branch    Egypt's Al-Sisi commemorates October War, discusses national security with top brass    Egypt screens 22.9m women in national breast cancer initiative since July 2019    Egypt's ministry of housing hails Arab Contractors for 5 ENR global project awards    Egypt to host Israeli-Hamas talks on Oct. 6 amid renewed push to end Gaza war    Egypt approves 776,379 state-funded treatment decisions in July–August    Egypt drug regulator, Organon discuss biologics expansion, investment    A Timeless Canvas: Forever Is Now Returns to the Pyramids of Giza    Egypt aims to reclaim global golf standing with new major tournaments: Omar Hisham    Egypt to host men's, juniors' and ladies' open golf championships in October    Egyptian Writers Conference announces theme for 37th session    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



U.S. stocks pare losses as oil rally boosts energy stocks
Published in Amwal Al Ghad on 03 - 02 - 2016

U.S. stocks have pared some of their losses in early afternoon trading Wednesday as energy and materials stocks rose, driven by a 6 percent rally in crude oil prices.
Oil rose after investors took advantage of an earlier weakness in prices and a drop in the U.S. dollar.
DuPont's (DD.N) was up 3 percent and was the biggest boost to the S&P materials index .SPLRCM, while Exxon's (XOM.N) 2.4 percent rise lifted the energy index .SPNY.
Earlier in the day, stocks fell after U.S. data showed that the economy's service sector expanded at a slower-than-expected rate, raising concerns that weakness in manufacturing was spreading to other areas of the economy.
But, ADP data showed private employers added more jobs than expected in January. The data comes ahead of the government's more comprehensive employment report on Friday.
Tepid U.S. growth, falling oil prices, and fears regarding a China-led global slowdown have been major factors for a torrid start to the year for stocks. The S&P 500 is down 6.9 percent this year.
But, more than most, the ebb and flow of crude oil prices has affected the stock market the most, even as investors wait for central banks around the world to step in to boost the economy.
Fed fund futures are pricing in the Federal Reserve to now hike rates only once this year, down for the four increases projected earlier. The Fed next policy meeting is in March.
"I think the next couple of quarters could be really volatile," said Bryce Doty, portfolio manager at Sit Investment Associates.
"You need the markets to settle into a new equilibrium without this manipulated support from the Fed, which means a correction. The problem with corrections is that markets tend to over correct before they rebound."
At 12:30 p.m. ET, the Dow Jones industrial average .DJI was down 8.53 points, or 0.05 percent, at 16,145.01.
The S&P 500 .SPX was down 11.12 points, or 0.58 percent, at 1,891.91 and the Nasdaq Composite index .IXIC was down 48.64 points, or 1.08 percent, at 4,468.31.
Five of the 10 major S&P sectors were lower with the financial index's .SPSY 1.5 percent loss leading the decliners.
The index fell to a more than two-year low, with Wells Fargo's (WFC.N) 3.2 percent fall weighing the most.
Microsoft (MSFT.O) was down 2.2 percent at $51.83, making its the biggest drag on the S&P and the Nasdaq. UnitedHealth' (UNH.N) 2.2 percent fall weighed the most on the Dow.
Weak quarterly earnings by U.S. corporations are adding to worries. Fourth-quarter S&P 500 earnings are expected to have fallen 4.4 percent from a year earlier, according to Thomson Reuters data.
Comcast (CMCSA.O) rose 4.3 percent to $56.91 after the company posted better-than-expected revenue.
National Oilwell (NOV.N) fell 11.3 percent to $27.20 after the largest U.S. oilfield equipment provider reported a quarterly loss.
Advancing issues outnumbered decliners on the NYSE by 1,533 to 1,415. On the Nasdaq, 1,602 issues fell and 1,057 advanced.
The S&P 500 index showed 17 new 52-week highs and 56 new lows, while the Nasdaq recorded 13 new highs and 203 new lows.
Source: Reuters


Clic here to read the story from its source.