Wall St pares gains on news of Federal Bureau of Investigation raid

Eileen GuzmanApr 11, 2018

Ten of the 11 major S&P sectors were higher and 28 of the 30 Dow components were in the positive territory.

Stocks climbed after Trump's new economic adviser Larry Kudlow told CNBC the president may be open to forming an global coalition to grapple with trade issues involving China.

Wall Street's major indexes rose more than 1 percent each on Monday as technology stocks jumped and a softer stance by US policymakers on China tariffs powered a rebound from last week's sell-off.

The FANG group, comprising four closely-watched momentum stocks - Facebook Inc, Amazon.com Inc, Netflix Inc and Google parent company Alphabet Inc - were up between 1.2 percent and 2.4 percent.

In 1.10pm trading in NY, the Dow Jones Industrial Average rallied 1.7 percent, while the Nasdaq Composite Index jumped 2.2 percent.

The Russell index is composed of more USA -focused companies that are somewhat less vulnerable to the effects of tariffs, so its moves in response to the recent trade tensions haven't been as dramatic. It jumped $1.36, or 2.2 percent, to $63.42 a barrel overnight in NY. AveXis is studying a treatment for a disorder called spinal muscular atrophy Type 1, which Novartis called the top genetic cause of death in infants, and is also researching treatments for other conditions. Its stock is down 14.5 percent since March 16.

Most of the stocks on the New York Stock Exchange finished lower Monday. That will allow them to shut off the apps individually or turn off third-party access to their apps completely.

The S&P 500 rose 8 points, or 0.3 percent, to 2,613.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.81 percent.

In commodities trading, crude oil futures are spiking USD1.21 to USD64.63 a barrel after jumping USD1.36 to USD63.42 a barrel on Monday. Brent crude, used to price worldwide oils, added 89 cents, or 1.3 percent, to $68 a barrel London.

On the currency front, the USA dollar is trading at 107.12 yen compared to the 106.77 yen it fetched at the close of NY trading on Monday. While the German DAX Index has jumped by 1.1%, the UK's FTSE 100 Index is up by 0.8% and the French CAC 40 Index is up by 0.7%. The euro rose to $1.2318 from $1.2285.

In Asian markets, Japan's Nikkei Stock Average rose 0.51 percent, Hong Kong's Hang Seng Index climbed 1.29 percent, China's Shanghai Composite Index rose 0.23 percent and India's BSE Sensex rose 0.48 percent. Seoul's Kospi added 0.6 percent.

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