US stocks trade higher after heavy sell-off recovery
New York: US stocks traded higher on Monday as the market recovered from a heavy weekly sell-off.
At midday, the Dow Jones Industrial Average added 272.64 points, or 1.13 per cent, to 24,463.54, reports Xinhua news agency.
The S&P 500 increased 22.82 points, or 0.87 per cent, to 2,642.37. The Nasdaq Composite Index was up 63.77 points, or 0.93 per cent, to 6,938.27.
Last week, all three major indices slumped deeply, with the Dow, the S&P 500 and the Nasdaq plunging 5.21 per cent, 5.16 per cent and 5.06 per cent, respectively, notching their worst weekly performance in nearly two years.
Traders said that the investors' move to lock in profits, possibly some computer-programmed trading, combined with concerns about interest rates have sent the equities into correction territory.
Most analysts believed that the recent pullback was not linked to economic fundamentals. Instead, it was a healthy market correction that is welcomed and long overdue.
However, financial service company Societe Generale remains cautious for 2018 as extreme positioning, tapering of central bank liquidity and underestimated risks of inflation re-pricing may continue to exert pressure on risk assets.
With no major data due out on Monday, investors watched closely the latest news that the White House unveiled a long-awaited infrastructure plan that includes $200 billion in federal infrastructure spending over 10 years.
China began an anti-dumping investigation on Monday into stainless steel imports worth $1.3 billion, including from a privately owned Chinese mill with operations offshore, after complaints of damage to the local industry.
State-owned PNB today said it has received Rs 2,816 crore as capital infusion from the government via preferential allotment of equity shares.
The Border Roads Organisation has spent more than Rs 1,900 crore on construction and improvement of infrastructure on the north-western and north-eastern borders of India, the government said.
The population of tigers is on the rise, the government said today quoting preliminary census data.
Barely two weeks since launch, BSNL's internet telephony service 'Wings' has received over 4,000 bookings for the new offering that will allow users to dial any phone number in India through a mobile app, starting this week, its Chairman said today.
The station, which was named after Lord Elphinstone, the Governor of Bombay Presidency from 1853 to 1860, has now been renamed in honour of a local deity.
Lavasa -an ultimate getaway, a city that would offer the charms of European locales, with five star comforts in a scenic part of Maharashtra has now become an abandoned town.
A second chargesheet by the ED has confirmed the trail of illegal cash Mallya transferred to his accounts across global tax havens.
Delayed payment by GMR-led DIAL, the Delhi airport operator, to the CISF guards could eventually lead to passengers paying more to fly out of the Indian Capital.
The West Bengal Police has claimed to have busted a Rs 100 crore plus job racket in the Indian Railways following a crucial arrest in the Indian Capital.