Global stocks jump, helped by strong gains in the US
Global stocks jump, helped by strong gains in the US
World stock ExchangeS are rising again on Tuesday, helped by the solid earnings reports of major US companies. The investment banks Morgan Stanley and Goldman Sachs, health care Product company Johnson & Johnson and health insurer UnitedHealth rose after announcing their third-quarter results. Technology companies are also increasing after their recent fall.
The Federal Reserve said the production of US factories, mines and utilities. UU It increased in September despite the effects of Hurricane Florence, and the Labor Department said that employers in the US. UU They recorded the highest number of jobs in two decades in August, while hiring continued to increase.
KEEP THE SCORE: The S & P 500 index jumped 40 points, or 1.5 percent, to 2,790 at 11:25 a.m. Eastern Time. The Dow Jones Industrial Average rose 365 points, or 1.5 percent, to 25,615.
The Nasdaq compound rose 138 points, or 1.9 percent, to 7,568, as technology companies reversed some of their losses in recent days. The Russell 2000 index of shares of smaller companies rose 21 points, or 1.4 percent, to 1,574.
Earnings for US companies increased approximately 20 percent in each of the first two quarters of 2018, as economic growth accelerated and corporate taxes were drastically reduced. Analysts expect similar results in the current period.
The shares have turned in the last days after one of their biggest falls of the year last week. The S & P 500 fell 6.9 percent from its all-time high of September 20 to its recent low on Thursday. It suffered a dizzying 10 percent fall in just nine days in late January and early February, and lost 7.3 percent during a slowdown in March.
HEALTHY: UnitedHealth, the largest health insurer in the US UU And private Medicare Advantage plan provider, once again exceeded Wall Street forecasts and raised its projections for the year. The stock rose 4.1 percent to $ 271.05. Other health insurers also got up. Cigna advanced 3.7 percent to $ 222.48 and Humana increased 2.8 percent to $ 325.82. The Medicaid services company Molina Healthcare jumped 4.2 percent to $ 142.99.
Health care products giant Johnson & Johnson rose 1.6 percent to $ 136.06 after it said prescription sales rose. Their results, too, were stronger than analysts expected. Johnson & Johnson and UnitedHealth are components of Dow.
FUNNY: Morgan Stanley rose 4.3 percent to $ 45.35 and Goldman Sachs added 1.9 percent to $ 219.35 after the two investment banks performed better than expected in the third quarter, helped by a strong performance in their trading operations and an income higher than expected by the subscription of shares. Both earn most of their money advising clients and wealthy corporations in deals, and Morgan is known for his actions, while Goldman emphasizes bonds, commodities and currencies.
Both have seen their shares fall around 14 percent this year.
UPDATE OF TECHNOLOGY: Technology companies increased. Microsoft rose 2.7 percent to $ 110.47 and Adobe rose 7.9 percent to $ 256.75 after it backed its fourth quarter earnings and earnings forecasts. The stock has climbed 46.5 percent this year, but has plummeted in recent days. Internet companies also advanced. Alphabet, Google's parent company, rose 2.4 percent to $ 1,128.69 and Facebook added 2.2 percent to $ 156.87.
Email delivery company Sendgrid rose 7 percent to $ 33.09 after cloud communications platform company Twilio agreed to buy it for $ 36.92 per share, or $ 1.7 billion. Twilio fell 8.9 percent to $ 69.39.
O CANNABIS: On Wednesday, Canada will legalize marijuana throughout the country. While cannabis companies traded down on Tuesday, stocks have made huge gains this year in highly volatile trade. Tilray fell 3.3 percent to $ 160.25, while Cronos Group increased 0.3 percent to $ 11.77 and Canopy Growth lost 5.2 percent to $ 53.96.
On Tuesday, Benchmark Capital analyst Mike Hickey started Tilray coverage with a target price of $ 200, and said his offer with pharmacies and a partnership with drug maker Novartis will help him become one of the first market leaders Hickey valued the Canadian cannabis market at approximately $ 3.2 billion in 2019 and said it will increase to $ 8.1 billion by 2023.
The market value of Tilray is almost $ 15 billion, nine times more since it was made public in mid-July, and the growth of Canopy has more than doubled to $ 12.5 billion. Canopy announced a $ 4 billion investment by Corona Constellation Brands in August. The huge profits reflect the opinion of investors that other countries will legalize marijuana in the coming years.
ENERGY: the reference crude oil of the United States lost 0.1 percent to $ 71.71 per barrel in New York. Brent crude, the international standard, changed little at $ 80.80 per barrel in London.
BONDS: Bond prices fell. The yield on 10-year Treasuries rose to 3.17 percent from 3.16 percent.
COINS: The dollar rose to 112.15 yen from 111.88 yen. The euro rose to $ 1.1588 from $ 1.1584.
OVERSEAS: France's CAC 40 added 1.5 percent, while DAX in Germany rose 1.4 percent. Britain's FTSE 100 rose 0.4 percent. Italy's FTSE MIB rose 2.2 percent after the government avoided last-minute delays in the presentation of a budget plan
Japan's Nikkei 225 benchmark rose 1.2 percent and Kospi in South Korea had little change. Hong Kong's Hang Seng Index finished 0.1 percent higher.
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You can contact the AP Markets writer, Marley Jay, at http://twitter.com/MarleyJayAP
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