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Wall St gets tech-powered momentum, gold hits all-time high

storyp1> NEW YORK, Oct 18 (Reuters) U.S. stocks turned favorable and crude rates were on track for their biggest weekly drop in a month as weak information and frustrating business profits contributed to concerns over softening worldwide need.

Gold, on the other hand, muscled past the $2,700 mark for the very first time ever.

Gold is having a strong run because of the breadth of unpredictabilities, Greg Bassuk, President at AXS Investments in New York City. It's the safe-haven play and investors would be sensible to diversify their portfolios safe-haven allowances in the middle of this deep level of unpredictability.

A rally in Chinese stocks in reaction to Beijing's latest policy actions to enhance need appeared to have a minimal result on Wall Street stocks.

Tech-adjacent megacap momentum stocks . NYFANG increased the Nasdaq, while the S&P 500's and the Dow's gains were more modest.

All 3 indexes, nevertheless, have actually set course for their sixth consecutive week of gains.

A spate of profits ran the range from upbeat to ugly, with streaming platform NetflixNFLX.O revealing strong subscriber additions, while consumer products company Procter & & Gamble PG.N reported a surprise drop in sales due to slowing demand for its products.Netflix got the tech sector going, and when one sector is strong

normally people sell the other sectors, so the Nasdaq is leading and the Dow is lagging, said Jay Hatfield, Ceo at Infrastructure Capital Management in New York City.However a couple of days ago the exact opposite was taking place, So it's a timeless market melt-up. People are reacting to global rate cuts, and the U.S. economy strong,

Hatfield added.The only uncertainty is the election. The only uncertainty is the election, however it looks like people are getting more comfy with that result also.The Dow Jones Industrial Average. DJI increased 62.17 points, or 0.15%, to 43,301.52, the

S&P 500. SPX increased 26.92 points, or 0.46% , to 5,868.39 and the Nasdaq Composite. IXIC rose 133.66 points, or 0.73%, to 18,507.27. European stocks closed higher, assisted by a renewal in tech stocks at the conclusion of a choppy week, that included mixed profits and an interest rate cut from the European Central Bank. The STOXX 600 logged its 2nd weekly advance. MSCI's gauge of stocks across the globe. MIWD00000PUS rose 5.04 points, or 0.59%, to 857.11. The STOXX 600. STOXX index increased 0.21 %, while Europe's broad FTSEurofirst 300 index. FTEU3 rose 4.81 points, or 0.23%Emerging market stocks. MSCIEF increased 19.59 points, or 1.73 %, to 1,154.72. U.S. Treasury yields dropped as the market combined following large increases over the last month as market participants grew accustomed to a less dovish Fed in the face of stronger-than-expected economic data. The

yield on benchmark U.S. 10-year notes US10YT=RR fell 2.1 basis indicate 4.075%, from 4.096 %late on Thursday. The 2-year note US2YT=RR yield, which usually moves in action with interest rate expectations, fell 2.8 basis points

to 3.959%, from 3.987%late on Thursday. The dollar dipped after five straight sessions of gains as risk hunger improved in the wake of Beijing's stimulus statement. But the greenback looked set to log its 3rd consecutive weekly gain. The dollar index=USD, which determines the greenback against a basket of currencies including the yen and the euro, fell 0.27 %to 103.50, with the euro EUR= up 0.3%at$1.0864

. Against the Japanese yen JPY =, the dollar deteriorated 0.47%to 149.5. Front-month oil futures dropped and were on course for their greatest weekly slide considering that early September due to mounting issues about Chinese need and investors parsed a mixed

outlook regarding the Middle East dispute. U.S. crude CLc1 fell 2.05%to$69.22 a barrel, while Brent LCOc1 fell to$ 73.06 per barrel, down 1.87% on the day. Gold rates busted through

the $2,700 mark for the very first time as the safe haven metal continues to benefit from worldwide unpredictabilities. Area gold XAU =increased 0.99% to$2,719.28 an ounce. World FX rates YTD http://tmsnrt.rs/2egbfVh Asian stock exchange https://tmsnrt.rs/2zpUAr4 World stocks YTD https://reut.rs/3YeHNBQ

(source: Reuters)