Wall Street bounces back

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

Stocks on Wall Street bounced back on reports of progress toward Greece's debt restructuring and consideration of further measures to aid the US economy.

Greece's debt swap is continuing to secure more support, while a report in the Wall Street Journal says Federal Reserve officials are weighing a new form of stimulus – a long-dated bond-buying programme designed to alleviate near-term inflation fears.

The Dow Jones Industrial Average was up 78.26 points, or 0.6%, to 12,837.34 at the close (10am NZ time). The S&P 500 was up 0.7% at 1352.63 and the Nasdaq Composite was up 0.9% at 2935.69.

Eight of the S&P's 10 sectors are higher, led by financial and industrial shares. Bank of America led blue chips higher, rising 2.3%.

The market's rise is a partial recovery from Tuesday's rout, when the Dow fell more than 200 points in its biggest decline since November. It was the first triple-digit point drop of the year.

Other markets: Europe rebounds, Asia down
European markets moved higher but investors remained cautious ahead of the Thursday deadline for Greece's debt swap.

The Stoxx Europe 600 rebounded 0.6% to 260.11 after shedding 2.7% in the previous session, its biggest fall since November 2011.

The UK's FTSE 100 closed 0.4% higher at 5791.41, Germany's DAX gained 0.6% to 6671.11 and France's CAC-40 closed up 0.9% at 3392.33.

Asian stock markets ended lower, with banks and resource companies among the worst performers, as renewed concerns over global growth and Greek debt dented investor confidence.

Australia's S&P/ASX 200 index dropped 1.5% to 4143.7, Hong Kong's Hang Seng Index lost 0.9% to 20627.78 and Japan's Nikkei Stock Average fell 0.6% to 9576.06.

Korea's Kospi gave up 0.9% to 1982.15, while China's Shanghai Composite fell 0.7% to 2394.79.

Commodities: Oil, gold advance
Crude-oil futures prices followed other markets higher on speculation about potential Fed easing measures and Greek debt moves.

Light, sweet crude for April delivery traded $US1.14 higher at $US105.85 a barrel in New York after trading as low as $US104.35 earlier in the session.

Brent crude on the ICE futures exchange traded 96USc higher at $US122.94 a barrel.

Gold ended higher, snapping a three-day losing streak, as a weaker US dollar gave a boost.

The most actively traded contract, for April delivery, rose $US11.80, or 0.7%, to settle at $US1683.90 an ounce in New York.

Currencies: Euro gains
The euro and Australian dollar firmed after a recent run of losses against the US dollar and yen.

The Australian dollar stabilised above $US1.0550 while the euro was at $US1.3136 compared with $US1.3113 late on Tuesday.


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.6709 -0.0001 -0.01%
AUD 0.8770 -0.0017 -0.19%
EUR 0.6058 -0.0023 -0.38%
GBP 0.4297 -0.0002 -0.05%
HKD 5.1996 -0.0010 -0.02%
JPY 82.7140 -0.0010 -0.00%

Commods

Commodity Price Change Time
Gold Index 1169.3 -2.700 2015-07-01T00:
Oil Brent 62.5 1.290 2015-07-01T00:
Oil Nymex 56.9 -2.070 2015-07-01T00:
Silver Index 15.6 -0.021 2015-07-01T00:

Indices

Symbol Open High Last %
NZX 50 5794.4 5830.1 5794.4 0.58%
NASDAQ 5029.1 5038.6 4986.9 0.53%
DAX 11050.3 11283.8 10945.0 2.15%
DJI 17638.1 17801.8 17619.5 0.79%
FTSE 6521.0 6637.3 6521.0 1.34%
HKSE 26459.4 26459.4 26250.0 0.54%
NI225 20565.9 20601.7 20329.3 1.16%