Stocks closed broadly higher on Wall Street on Wednesday, ending a three-day losing streak as an upbeat report from Delta Air Lines sparked a rally for companies in the travel industry.
Investors brushed off yet another report showing that inflation remains widespread in the US economy, and the broad gains helped trim weekly losses for most of the major indexes. The stock and bond markets face a shortened week and will be closed on Friday for the Good Friday holiday.
Travel stocks helped fuel Wall Street gains on Wednesday in New York.Credit:AP
The Australian sharemarket is set for a positive start to the session, with futures at 6.59am AEST pointing to a gain of 17 points, or 0.2 per cent, at the open.
The S&P 500 index rose 49.14 points, or 1.1 per cent, to 4,446.59. The benchmark index is coming off three straight losses brought on by persistent worries about inflation and the tough medicine the Federal Reserve is planning to use against it, higher interest rates.
The Dow Jones Industrial Average rose 344.23 points, or 1 per cent, to 34,564.59 and the Nasdaq rose 272.02 points, or 2 per cent, to 13,643.59.
Smaller company stocks outpaced the broader market in a sign that investors were confident about economic growth. The Russell 2000 index rose 38.17 points, or 1.9 per cent, to 2,025.10 and is on track for a weekly gain.
Travel-related companies were among the biggest gainers after Delta reported strong revenue during its first quarter and solid bookings. The update is encouraging for the broader travel sector as airlines, cruise lines and hotels prepare for the summer vacation season.
ASX futures up 18 points or 0.2% to 7472 at 6.43am AEST
- Australian dollar flat at 74.54 US cents at 6.49am AEST
- Wall Street: S&P 500 +1.1%, Dow Jones +1%, Nasdaq +2%
- Europe: Stoxx 50 -0.1%, FTSE +0.1%, DAX -0.3%, CAC +0.1%
- Bitcoin +3% to $US41,309.39 on Bitstamp at 6.51am AEST
- Spot gold +0.5% to $US1977.37 per ounce at 6.49am AEST
- Brent crude +3.8% to $US108.66 at 6.37am AEST
- US oil +3.5% to $US104.10 a barrel at 6.36am AEST
- Iron ore -0.6% to $US154.67 per tonne (Tianjin)
- 10-year yield: US 2.70% Australia 3.07% Germany +0.76%
Hello,
Welcome to Markets Live, your editors today are Jessica Yun and Colin Kruger.
This blog is not intended as financial advice.
ASX to open higher after Wall St rebounds
Source: Philippines Alive
