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Added on the 19/09/2018 11:00:51 - Copyright : Wochit
Stocks opened lower on Friday as investors wait for a presidential election winner to be declared. Wall Street bounced back from earlier lows after the jobs report showed the economy continues to recover. The Dow fell nearly 150 points, or 0.5%, in early trading. The S&P 500 and Nasdaq were down 0.5% and 0.9%. The Dow and S&P 500 posted gains of about 7% this week. According to CNN, the Nasdaq rallied 9% in the past five days.
Wall Street saw US stocks slide on Tuesday, as fiscal stimulus negotiations lurched into stalemate territory. According to Business Insider, initial results of the third-quarter earnings season kick-off from banks like Citigroup and JPMorgan also failed to impress investors. Apple announced its new iPhone 12 lineup--the tech giant's first major redesign of its flagship product in over 3 years. It didn't go over well: Apple's stock slid, too. And even gold, the ever-popular commodity, fell as much as 1.9%, to $1,886.54 per ounce. However, a breakthrough in stimulus talks could be near, as Senate Majority Leader Mitch McConnell signaled support for passing a deal prior to the upcoming election.
A Credit Suisse analyst says that if Joe Biden wins the US presidential election in November, it could spur a 'knee-jerk' pullback in the stock market of 5%. According to Markets Insider, senior investment strategist Suresh Tantia said that was due to the Democratic nominee's stance on corporate taxes. However, Tantia said investors should look at such a pullback as a buying opportunity, as Fed support will keep driving markets after the election. The central-bank support is not going anywhere. The Fed is going to keep rates lower for longer, similar to other central banks. Suresh Tantia, Senior Investment Strategist Credit Suisse Tantia's tip for traders? Investors should seek out equities in Asian markets, as they are cheaper than US stocks and have strong earnings.
Stocks on Wall Street rose Wednesday led by the energy sector as oil prices rallied and as financials gained on the increasing likelihood of an interest rate hike after strong economic data. Bobbi Rebell reports.
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