Dow Jones gains 56 points as Wall Street forges ahead

NEW YORK, New York – Russian missiles landing in Poland, resulting in the death of two people, unnerved U.S. financial markets Tuesday.

However, nerves were overcome, helped along by a slowing growth in U.S. producer prices.

“You still are seeing volatile trading across markets,” Matthew Miskin, co-chief investment strategist at John Hancock Investment Management, told Reuters Tuesday.

“We are not out of the woods yet as it relates to the Russia-Ukraine war. We did get incrementally better data on inflation, but there are also still growth concerns,” he said.

The technology sector fared best Tuesday. The Nasdaq Composite climbed 162.19 points or 1.45 percent to 11,358.41.

The Standard and Poor’s 500 rose 34.48 points or 0.87 percent to 3,991.73.

The Dow Jones industrials gained 56.22 points or 0.17 percent to 33,592.92.

The U.S. dollar clawed back losses after getting a mauling in early European trading. The euro, which earlier toppled the 1.0400 level, settled at 1.0356 around the New York close Tuesday. The British pound was robust at 1.1872. The Japanese yen was range-bound at 139.15. The Swiss franc traded at 0.9440.

The Canadian dollar retained its strength at 1.3270. The Australian dollar improved to 0.6770. The New Zealand dollar was in demand at 0.6167.

On overseas equity markets, the Dax in Germany advanced 0.46 percent.

The CAC 40 in Paris, France, climbed 0.49 percent. London’s FTSE 100 declined 0.21 percent.

In Asia, the Hang Seng in Hong Kong surged 723.41 points or 4.11 percent to 18,343.12,

Japan’s Nikkei 225 rose 26.70 points or 0.10 percent to 27,990.17.

In South Korea, the Kospi Composite advanced 5.68 points or 0.23 percent to 2,480.33.

In New Zealand, the S&P/NZX 50 rose 7.17 points or 0.06 percent to 11,239.14.

The Australian All Ordinaries dipped 4.80 points or 0.07 percent to 7,345.40.

China’s Shanghai Composite accelerated 50.68 points or 1.64 percent to 3,134.08.

Leave a Reply

Your email address will not be published. Required fields are marked *