The Financial Express

US stocks rally as global political tensions ease

| Updated: October 20, 2017 13:00:33

US stocks end higher
US stocks rallied Monday as rising tensions between the US and North Korea appeared to ease.

Technology companies and banks helped companies regain a lot of the ground they lost last week, although the calm that has defined the market this year wasn't quite restored.

Almost 90 per cent of the S&P 500 index finished higher. Technology stocks outpaced the rest of the market following a strong report on the state of Japan's economy. 

The S&P 500 jumped 24.52 points, or 1.0 per cent, to 2,465.84. The Dow Jones industrial average gained 135.39 points, or 0.6 per cent, to 21,993.71. 

The Nasdaq composite added 83.68 points, or 1.3 per cent, to 6,340.23. The Russell 2000 index of smaller companies climbed 20.08 points, or 1.5 per cent, to 1,394.31.

Among technology companies, Apple added $2.37, or 1.5 per cent, to $159.85 and Microsoft picked up $1.09, or 1.5 per cent, to $73.59. 

After two days of losses, Nvidia jumped $12.44, or 8 per cent, to $168.40 as chipmakers made outsize gains.

Bond prices turned lower. The yield on the 10-year Treasury note rose to 2.22 per cent from 2.19 percent late Friday. 

Bank of America climbed 56 cents, or 2.3 per cent, to $24.42 and JPMorgan Chase gained $1.07, or 1.2 per cent, to $92.49.

US crude oil lost $1.23, or 2.5 per cent, to $47.59 a barrel in New York. Brent crude, the international standard, shed $1.37, or 2.6 per cent, to $50.73 a barrel in London. 

Energy companies finished with modest losses.

The dollar rose to 109.63 yen from 109.04 yen. The euro fell to $1.1782 from $1.1824.

In other energy trading, wholesale gasoline lost 4 cents to $1.58 a gallon. Heating oil fell 3 cents to $1.61 a gallon. Natural gas slid 2 cents to $2.96 per 1,000 cubic feet, according to AP.

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