Mon, 20 May 2019

Stocks rally across the world

Lola Evans
17 Apr 2019, 07:49 GMT+10

NEW YORK, New York - Wall Street joined a worldwide rally in stocks on Tuesday, with all the major indices ending the day with gains.

Bank of America Corp, Johnson & Johnson, and BlackRock Inc, surprised markets with higher earnings results than expected. There were reports however from others that came in below expectations.

"You see different numbers and different drivers," John Lynch, chief investment strategist for LPL Financial in Charlotte, North Carolina told the Reuters news agency. "We’ve had some mixed messages from financials and healthcare."

UnitedHealth Group, which is facing regulatory concerns, went against the trend despite reporting earnings above what the market was expecting. Its shares dropped 4%.

Qualcom was the star of the day, rising 23% to $70.45, a near 20-year record daily gain. The company on Tuesday announced it had settled its long standing dispute with Apple, and had resumed its business trelationship with the iPhone-maker.

The Dow Jones Industrial Average climbed 67.89 points or 0.26% Tuesday, to close at 26,452.66.

The Standard and Poor's 500 rose 1.48 points or 0.05% to 2,907.06.

The Nasdaq Composite advanced 24.21 points or 0.3% to 8,000.23.

On foreign exchange markets on Tuesday the U.S. dollar rose against the euro, Swiss franc, British pound and Japanese yen, but fell against the commodity currencies.

The euro slipped to 1.1283, while sterling fell to 1.3045.

The Japanese yen dipped to 112.00. The Swiss franc eased to 1.0073.

The Canadian, Australian and New Zealand dollars however firmed to 1.3353, 0.7145 and .06766 respectvely.

Earlier in Europe, the FTSE 100 in London closed 0.44% higher. The German Dax rose 0.67%, while the Paris-based CAC 40 added 0.36%.

The Shanghai Stock Exchange was the star of the Asian market on Tuesday with the benchmark Shanghai Composite index rising 75.81 points or 2.39% to 3,253.30. In Tokyo, the Nikkei 225 added 52.55 points or 0.24% to 22,221.66, while the Hong Kong Hang Seng advanced 319.15 points or 1.07% to 30,129.87.

The Australian All Ordinaries rose 24.40 points or 0.38% to 6,372.30.

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