Published: Fri, April 13, 2018
Business | By Kate Woods

Wall Street Falls on Syria, Interest Rate Worries

Wall Street Falls on Syria, Interest Rate Worries

Stocks indexes gave up much of an early rally ended with meager gains on Wall Street. Apple and Google's parent company, Alphabet, each rose 1 percent. Boeing was the biggest to the Dow, while gains in Apple shares (AAPL.O) led the gainers on the S&P 500.

Members of the Federal Reserve voted unanimously to raise borrowing costs by a quarter percentage point and expressed confidence that the economy would strengthen and inflation would rise in coming months. Small energy companies-as measured by the S&P SmallCap 600 Energy Index-jumped more than 2% on the day, and a subindex of small energy equipment and services stocks rose almost 3%. But the risk-off sentiment weighed on Treasury yields US10YT=RR, pushing financial stocks.SPSY down 1.3 percent.

Technology companies like Apple and Microsoft are bouncing back from their recent losses Monday, and banks are rising along with interest rates.

Gene therapy developer AveXis soared 79 percent after drugmaker Novartis agreed to buy it.

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The rising tensions sent oil prices surging, boosting energy stocks.SPNY 1 percent. The Nasdaq composite climbed 70 points, or 1 percent, to 7,139. The Nasdaq composite added 135 points, or 2 percent, to 7,050.

Data showing a rise in United States core inflation for March - which was up 0.2 per cent and matched February's increase rise - failed to boost yields as headline consumer prices fell for the first time in 10 months.

The continuing price gains further contributed to the market capitalisation reaching an all-time high of $2.06 billion during the period under review, however, concluded the month at $2.05 billion.

The reason? The data from the past few decades say that small energy companies are highly levered to the oil price, and the oil price is highly levered to the Middle East situation-especially to security concerns in the Arabian Peninsula, tensions involving countries like Syria, and threats to and from Iran. JPMorgan Chase was up 1.1 percent.

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LONDON: The latest salvo in a trade row between the US and China weighed on Britain's FTSE 100 on Friday, though the damage was limited as mining and bank stocks fell while utilities made gains.

The S&P 500 index picked up 8.69 points, or 0.3 percent, to 2,613.16.

The Dow Jones industrial average increased 166 points, or 0.7 percent, to 24,095. Futures for the Nasdaq 100 index surged 51.25 points to 6,512.00.

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