clearn.png
Thursday October 21st, 2021 12:15AM

Stocks open higher on Wall Street after 3 straight losses

By The Associated Press
Related Articles
  Contact Editor

Stocks are opening higher on Wall Street following three straight days of losses. The S&P 500 rose 0.2% in the first few minutes of trading Friday. Small-company stocks rose far more than the rest of the market, as they have done since the beginning of the year. Those companies would benefit the most from a pickup in the economy. In another sign that investors were anticipating economic growth and potentially higher inflation, Treasury yields continued to march higher. The yield on the 10-year Treasury note, which is used to set mortgage rates, rose to 1.31%, though that’s still low by historical standards.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

BEIJING (AP) — Global stock markets and U.S. futures were mostly higher Friday after disappointing American jobs and economic data.

London and Frankfurt rose in early trading while Shanghai, Hong Kong and Seoul closed higher. Tokyo retreated.

Overnight, Wall Street's benchmark S&P 500 index lost 0.4% for its third straight daily decline.

“The market is likely still on a reflation path, but the way will get choppier from here,” said Stephen Innes of Axi in a report. He said improvement requires “continued economic growth recovery” because government and central bank support already are reflected in asset prices.

In early trading, the FTSE 100 in London was up less than 0.1% at 6,621.20 while Germany's DAX gained 0.2% to 13,912.29. The CAC 40 in France advanced 0.2% to 5,741.49.

On Wall Street, futures for the S&P 500 index and Dow Jones Industrial Average were up less than 0.1%.

On Thursday, the Dow lost 0.4% after the U.S. government reported 861,000 people applied for unemployment benefits last week. The Nasdaq Composite tumbled 0.7%.

Minutes of the Federal Reserve’s latest meeting showed central bank officials believe the coronavirus pandemic still poses considerable risks to the economy.

In Washington, Treasury Secretary Janet Yellen urged Congress to avoid cutting President Joe Biden’s proposed $1.9 trillion aid package. She said the economy is in “a deep hole” despite signs of improvement.

In Asia, the Shanghai Composite Index rose 0.6% to 3,696.17 while the Nikkei 225 in Tokyo shed 0.7% to 30,017.92. The Hang Seng in Hong Kong gained 0.2% to 30,644.73.

The Kospi in South Korea advanced 0.7% to 3,107.62 and Sydney's S&P-ASX 200 tumbled 1.3% to 6,793.80.

India's Sensex lost 0.9% to 50,848.50. New Zealand and Southeast Asian markets also retreated.

Also Friday, a preliminary version of Japan's monthly purchasing managers' index for manufacturing rose to its highest level in just over two years. That suggested manufacturers are coping with the country's latest state of emergency better than many people expected.

Stock prices rose over the past six months on optimism about the development of coronavirus vaccines. That sentiment has been dented after renewed infection spikes in the United States and Europe prompted governments to reimpose travel and business curbs.

Shares of GameStop fell 11.4% on Thursday. Congress is conducting a hearing on the recent volatility of companies caught in a tug-of-war between Wall Street institutional investors betting against the companies and online retail investors who pushed shares higher.

In energy markets, benchmark U.S. crude fell $1.10 per barrel to $59.42 in electronic trading on the New York Mercantile Exchange. The contract lost 62 cents on Thursday to close at $60.52. Brent crude, used to price international oils, retreated 92 cents to $63.02 per barrel in London. It shed 41 cents the previous session to $63.93.

The dollar declined to 105.36 yen from Thursday's 105.70. The euro gained to $1.2130 from $1.2086.

  • Associated Categories: Associated Press (AP), AP Online Headlines - Washington, AP Online Congress News, AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Financial Services
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Biden to lay out his foreign policy at G-7, Munich summit
Joe Biden is making his first big appearance on the global stage as president Friday
10:36AM ( 9 minutes ago )
UK's MI6 apologizes for past treatment of LGBT spies
The head of Britain’s MI6 intelligence service has apologized to gay spies and aspiring agents who were fired or denied jobs because of their sexuality
10:27AM ( 19 minutes ago )
Texas governor's biggest donors: Energy industry that failed
Texas Gov. Greg Abbott wants mandates that would require power plants to withstand extreme winter weather
10:25AM ( 20 minutes ago )
Associated Press (AP)
Biden to visit Mich. vaccine plant as winter throws a curve
Extreme winter weather is dealing the first major setback to the Biden administration’s planned swift rollout of coronavirus vaccines just as the national vaccination campaign was hitting its stride
9:49AM ( 56 minutes ago )
Stocks open higher on Wall Street after 3 straight losses
Stocks are opening higher on Wall Street following three straight days of losses
9:45AM ( 1 hour ago )
South Africa's president fights own party over corruption
South African President Cyril Ramaphosa's anti-corruption drive is facing stiff resistance from political foes within his own party
9:19AM ( 1 hour ago )
AP Online Headlines - Washington
Global stocks higher after weak US jobs, economic data
Global stock markets and U.S. futures are mostly higher after disappointing American jobs and economic data
4:30AM ( 6 hours ago )
GOP's Thune says Trump allies engaging in 'cancel culture'
Republican Sen. John Thune is criticizing activists and party leaders for engaging in “cancel culture” by rushing to censure GOP senators for voting to convict former President Donald Trump at his impeachment trial
12:37AM ( 10 hours ago )
Asia stocks follow Wall St. down after weaker US jobs data
Asian stock markets have followed Wall Street lower after disappointing U.S. jobs and economic data
12:29AM ( 10 hours ago )
AP Online Congress News
The Latest: Norway easing some coronavirus restrictions
Norway is easing some coronavirus restrictions
9:19AM ( 1 hour ago )
The Latest: Survey says new infections across U.K. falling
The United Kingdom's Office for National Statistics said rates of virus infection transmission have fallen across the all four U.K. nations
8:36AM ( 2 hours ago )
The Latest: Serbia gives more than a million vaccine doses
Serbia has administered more than a million doses of coronavirus vaccines
7:42AM ( 3 hours ago )
AP Business
Facebook makes a power move in Australia - and may regret it
For years, Facebook has been in a defensive crouch amid a slew of privacy scandals, antitrust lawsuits and charges that it was letting hate speech and extremism destroy democracy
3:01AM ( 7 hours ago )
EXPLAINER: What's up between Google, Facebook and Australia?
For two decades, global news outlets have complained internet companies are getting rich at their expense, selling advertising linked to their reports without sharing revenue
8:25PM ( 14 hours ago )
Ford loses track of dangerous air bags, forcing 2 recalls
Ford has lost track of some older Takata air bags that can explode and hurl shrapnel, so it’s recalling more than 154,000 vehicles in North America
7:11PM ( 15 hours ago )
AP Business - Corporate News
UK’s top court rejects Uber appeal, says drivers are workers
The U.K. Supreme Court ruled Friday that Uber drivers should be classed as “workers” and not self employed, in a decision that threatens its business model and holds broader implications for the so-called gig economy
4:58AM ( 5 hours ago )
Beam me up? Bavarian governor eyes top job after Merkel
As Germany's national election nears this fall, the governor of Bavaria is considered an increasingly likely contender to succeed Angela Merkel as chancellor
2:27AM ( 8 hours ago )
Myanmar protests focus on junta's economic support
State railway workers in Myanmar are continuing to strike despite a police rampage the previous night targeting them in a sign of the military junta’s concern over growing civil disobedience by public workers protesting the coup
1:42PM ( 21 hours ago )
AP Business - Economy
Stocks open lower on Wall Street, Treasury yields climb
Stocks are opening broadly lower on Wall Street and Treasury yields continued to climb
9:45AM ( 1 day ago )
World shares mostly lower after mixed day on Wall Street
Shares have declined in Europe and Asia after a mixed session on Wall Street, where losses by technology and industrial companies offset other gains
4:45AM ( 1 day ago )
Asian shares mostly lower after mixed day on Wall Street
Shares are mostly lower in Asia after a mixed session on Wall Street as losses by technology and industrial companies offset other gains
1:41AM ( 1 day ago )
AP Business - Financial Markets
Biden rolling out plan for $4 billion global vaccine effort
White House officials say Joe Biden will use his first big presidential moment on the global stage at Friday’s Group of Seven meeting to announce that the U.S. will soon begin releasing $4 billion for an international effort to bolster the purchase and distribution of coronavirus vaccine for poor nations
12:09AM ( 10 hours ago )
Some electricity restored in Texas, but water woes grow
Power was restored to more homes and businesses in Texas after a deadly blast of winter this week overwhelmed the electrical grid and left millions shivering in the cold
9:33PM ( 13 hours ago )
The Latest: Most of a Mississippi city is without water
Mayor Chokwe Antar Lumumba says almost all of Jackson, a city of around 150,000 people, is now without water
8:26PM ( 14 hours ago )
AP Business - Industries
US charges North Korean computer programmers in global hacks
The Justice Department has charged three North Korean computer programmers in a broad range of global and destructive hacks, including targeting banks and a movie studio
9:20PM ( 1 day ago )
Fed officials expressed concerns in over slowing economy
Federal Reserve officials were convinced last month that the U.S. economy and job growth had slowed as coronavirus cases surged across the country
3:34PM ( 1 day ago )
Stocks end wobbly day mostly lower; natural gas prices surge
Stocks ended a tentative day of trading with mixed results as gains for energy companies and banks were offset by losses in other sectors
4:50PM ( 2 days ago )
AP Business - Financial Services
Biden to lay out his foreign policy at G-7, Munich summit
Joe Biden is making his first big appearance on the global stage as president Friday
10:36AM ( 9 minutes ago )
Lights come back on in Texas as water woes rise in the South
Many Texans finally have electricity back after a deadly blast of winter this week overwhelmed the electrical grid and left millions shivering in the cold for days
10:29AM ( 17 minutes ago )
UK's MI6 apologizes for past treatment of LGBT spies
The head of Britain’s MI6 intelligence service has apologized to gay spies and aspiring agents who were fired or denied jobs because of their sexuality
10:27AM ( 19 minutes ago )
Texas governor's biggest donors: Energy industry that failed
Texas Gov. Greg Abbott wants mandates that would require power plants to withstand extreme winter weather
10:25AM ( 20 minutes ago )
UN asks Emirates for 'proof of life' for missing princess
The U.N. human rights office has asked the United Arab Emirates for evidence that an Emirati princess held against her will for almost three years is still alive
10:16AM ( 29 minutes ago )