Dow jumps 643 points in broad rally, latest Twitter-Musk deal: LIVE UPDATES
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U.S. stocks were up early Tuesday morning as markets reopen hours after the June 19 three-day holiday weekend.
The S&P 500 and Dow Jones Industrial Average wrapped up their worst weeks since 2020 on Friday, with major indexes extending saw-saw moves that injected new volatility into markets.
The S&P 500 rose 8.07 points for the day, or 0.2%, to 3674.84, while the Nasdaq Composite gained 152.25 points, or 1.4%, to 10798.35. The Dow fell 38.29 points, or 0.1%, to 29,888.78.
All three ended the week with heavy losses. The S&P 500 fell 5.8% for the week, its biggest decline since the COVID-19 pandemic rocked markets in March 2020. The Dow Jones fell 4.8% for the week, its most sharp drop since October 2020.
The once-hot crypto market has also had a wild week, heightening investor concerns that there is nowhere to hide from the current market turmoil. One of the biggest crypto lending platforms, Celsius Network LLC, told its customers on Sunday that it was suspending all withdrawals.
The concern spread rapidly throughout the sector all week. Meanwhile, Asian markets Asian stocks rebounded. Tokyo, Hong Kong and Sydney won. Shanghai refused. The Nikkei 225 in Tokyo added 1.8% to 26,246.31 while the Shanghai Composite Index lost 0.8% to 3,288.12.
Hong Kong’s Hang Seng advanced 1.2% to 21,420.76. Seoul’s Kospi rose 0.7% to 2,407.62 and Sydney’s S&P-ASX 200 rose 1.3% to 6,514.80. The Indian Sensex opened 1.7% at 52,460.17. The New Zealand and Southeast Asian markets grew.
Investors fear that efforts by US and European central banks to rein in inflation, which is at its highest level in four decades, could derail global economic growth.
Japan and China, two of the three largest economies, avoided joining in the rate hikes.
On Monday, the Chinese central bank left its key rates unchanged. The Bank of Japan stuck to its near-zero interest rate policy last week despite fears of a weaker yen exchange rate.
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