Stocks continue recovery from recent plunge; Dow rises 410

Stocks continue recovery from recent plunge; Dow rises 410

On Tuesday, U.S. stock futures signaled towards a lower open for Wall Street, after two sessions of gains that helped investors somewhat forget about the possibility of a deeper market correction taking place.

The movements seen in USA futures come on the back of a strong finish Monday, when the Dow Jones industrial average closing up more than 400 points.

USA stock-index futures extended gains, hitting a session high in early London trading as investors await a key inflation report Wednesday.

Technology and industrial companies and retailers were leading the market higher Monday.

The Nasdaq jumped 107.47 (+1.56 percent) to close at 6,981.96, while the S&P 500 finished trading at 2,656.00, up 36.45 (+1.39 percent) for the day. The Dow climbed 410.37 points, or 1.7 percent, to 24,601.27. Jim Paulsen, chief investment strategist for the Leuthold Group, said he thinks stocks and bonds will fall further as investors consider the likelihood that interest rates will keep rising and inflation will increase.

US investors have been torn between enthusiasm for the tax cut passed by Congress previous year that could provide a stimulus to an economy already at full employment, and growing fears that interest rates will jump as the federal government borrows big to cover its growing deficits.

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The Dow Jones average, which soared 330 points on Friday to close at 24,191, was expected to open at around 24,487.

That comes after a remarkably calm year for stocks: there were only eight days in 2017 where the S&P 500 rose or fell at least 1 percent. The S&P has lost about 10 percent and $2.5 trillion in value since late January. Last Friday, trade closed higher and all of the three major indexes closed the week over 5% down. A drop of that size is known on Wall Street as a market "correction". The Trump administration has been pushing defense spending aggressively higher.

After huge gains in the first weeks of this year, stocks tumbled Friday after the Labor Department said workers' wages grew at a fast rate in January.

Twenty-First Century Fox picked up 66 cents, or 1.9 percent, to $36.40 after The Wall Street Journal reported that cable and Internet provider Comcast is still interested in buying Fox's entertainment divisions and could make another offer.

Bond prices were little changed. He also said his firm raised its 2018 forecast on the 10-year yield to a range of 3-to-3.5 percent. Silver jumped 43 cents, or 2.7 percent, to $16.57 an ounce. Heating oil fell 2 cents to $1.84 a gallon. Hong Kong's Hang Seng index added 1.4 per cent to 29,884.06 and the Shanghai Composite Index advanced 1.0 per cent to 3,185.86. The euro rose to $1.2284 from $1.2231.

Germany's DAX shed 0.4 per cent to 12,239 and the CAC 40 of France fell 0.3 per cent to 5,122.

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