|Day's Range||2,831.44 - 2,850.49|
|52 Week Range||2,417.35 - 2,872.87|
The Dow pops for its best day in 4 months
The S&P 500 fell more than 10% within a few days, the usual definition of a correction, and global stocks plummeted. The answer is a reflection both of the relative strength of China and the U.S., and investors’ views of Chinese policy. The risk was that devaluation would spread falling prices from China’s businesses to the rest of the world, when the global economy was already perilously close to deflation.
Stocks in Asia gained ground on Friday as concerns from earlier in the week over Turkey’s economy and the US-China trade war continued to subside. The Turkish lira was slightly weaker while the Australian dollar gained on comments from the country’s central bank governor and gold is poised for its worst week since mid-2017. In Sydney the S&P/ASX 200 edged up 0.1 per cent as gains in the telecoms and tech segments were mostly offset by falls for healthcare and mining stocks.
Shares of companies selling everyday household goods such as laundry detergent, cereal and razors are climbing, suggesting that even as the S&P 500 inches toward new highs, investors are hedging their bets through what they see as a safe corner of the market. The S&P 500 consumer-staples sector has jumped 10% over the past three months, outpacing the S&P 500’s 4.3% gain over the same period. The sector’s rally has helped it chip away at its loss for the year, although it still trails the S&P 500’s 6.2% gain and remains the index’s second-worst-performing sector in 2018.
U.S. stocks soared Thursday, bringing the Dow Jones Industrial Average its biggest one-day gain in four months, as upbeat earnings reports and stabilizing commodities prices helped calm investors’ fears about the global economy. Stocks around the world had slumped just a day earlier as fears about an economic crisis in Turkey spread through a variety of markets, pulling everything from copper to oil prices lower. Much of the slide had been driven by concerns among investors that what had begun as a relatively limited pullback in emerging markets could trigger a more violent, durable reversal across risky assets around the world.
Asia markets edged up on Friday in early hours trade. On Thursday, White House economic advisor Larry Kudlow confirmed that the U.S. would hold a fresh round of trade talks with China later in August. The Nikkei 225 started the day trading up by 0.37 percent.
Investing.com - The Dow had its best day in months as investors cheered bullish earnings from Walmart and optimism over U.S-China relations as both parties will resume trade talks.
Upscale department store chain Nordstrom Inc. reported a 47 percent jump in second-quarter earnings on solid sales growth, and it raised its profit outlook for the year. Nordstrom's stock was up almost 8 percent in after-hours trading following the release of the earnings report. Nordstrom said 34 percent of its sales came through digital channels in the quarter, up from 29 percent a year ago.