US market ends higher as energy stocks rise
|Dow slips as IBM drops
US stock indices ended slightly higher on Wednesday led by rising energy shares. The S&P 500 edged up 0.1% to 2708.64. The Dow Jones industrial lost 0.2% to 24748.07 weighed by 7.5% fall in IBM. Nasdaq composite index rose 0.2% to 7295.24.The dollar strengthening continued: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, added 0.1% to 89.58. Stock indices futures point to lower openings today.
Investor confidence was buoyed by earnings reports with almost 80% of the S&P 500 companies results so far beating earnings forecasts, according to FactSet. The Federal Reserve’s Beige Book reported that economic activity remained at “a modest to moderate pace” in March and early April despite concerns about US-China trade dispute. IBM’s stock fell 7.5% as IBM’s Chief Financial Officer told analysts that they shouldn’t count on a continued boost from new mainframe sales.
FTSE 100 paces European indices gains
European stocks extended gains on Wednesday on positive corporate reports. British Pound extended losses against the dollar while the euro turned higher. The Stoxx Europe 600 rose 0.3%. Germany’s DAX 30 ended marginally higher at 12590.83. France’s CAC 40 rose 0.5% and UK’s FTSE 100 jumped 1.3% to 7317.34. Indices opened mixed today.
Earnings reports are in focus as concerns about possible global trade war subsided. About 70% of earnings of Stoxx Europe 600 companies that have reported results so far have beaten expectations. In economic news the final reading on euro-zone inflation in March came in at 1.3%, down from the flash reading of 1.4%.
Hang Seng leads Asian indices gains
Asian stock indices are higher today as US-China trade war concerns faded. Nikkei ended 0.2% higher at 22191.18 as yen continued pullback against the dollar. China’s stocks are rising after Commerce Ministry said China is well prepared to handle any negative effects from its trade dispute with the United States: the Shanghai Composite Index is 0.9% higher and Hong Kong’s Hang Seng Index is up 1.4%. Australia’s All Ordinaries Index is up 0.3% with Australian dollar accelerating gains against the greenback.
Brent rising
Brent futures prices are higher today US crude inventories declined. Prices rose yesterday as the US Energy Information Administration reported that domestic crude supplies fell by 1.1 million barrels last week to 427.57 million. June Brent crude rose 2.7% to $73.48 a barrel on Thursday.
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