{"id":63603,"date":"2018-02-13T00:11:08","date_gmt":"2018-02-13T00:11:08","guid":{"rendered":"http:\/\/www.bnreport.com\/tech-financials-lead-wall-street-1-higher\/"},"modified":"2018-02-13T00:11:08","modified_gmt":"2018-02-13T00:11:08","slug":"tech-financials-lead-wall-street-1-higher","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/tech-financials-lead-wall-street-1-higher\/","title":{"rendered":"Tech, financials lead Wall Street 1% higher"},"content":{"rendered":"

Technology and financial shares led Wall Street<\/a>'s three main indexes more than 1 percent higher on Monday, attempting a recovery from their worst week in two years. <\/p>\n

Nine of the 11 major S&P sectors were higher, with only the interest-rate sensitive utilities and real estate indexes in the red. All 30 components of the Dow Jones<\/a> Industrial Average were higher. <\/p>\n

By 9:34 a.m. ET (1434 GMT), the Dow was up 318.9 points, or 1.32 percent, at 24,509.8 and the S&P 500 was up 32.19 points, or 1.23 percent, at 2,651.74. The Nasdaq Composite was up 79.17 points, or 1.15 percent, at 6,953.66. <\/p>\n

"While today's bounce suggests a short-term oversold market condition is attracting buyers, one more final push to the downside is on the horizon as a 3-percent 10-year Treasury yield is still not fully discounted," Peter Cardillo, chief market economist at First Standard Financial in New York, wrote in a note. <\/p>\n

The three indexes closed up about 1.5 percent on Friday, but the benchmark S&P still ended the week nearly 9 percent below its all-time high on Jan. 26 as investors fretted that the specter of rising inflation would warrant increasing interest rates at a faster-than-expected pace. <\/p>\n

U.S. 10-year Treasury yields hit a new four-year high of 2.902 earlier Monday, but are currently near their session-low at 2.8603 percent. <\/p>\n

Equities for years have looked relatively attractive compared to the low yields offered by bonds, but the rise in Treasury yields has diminished the allure of stocks<\/a>, especially with stock valuations at historically expensive levels. <\/p>\n

A narrowing spread between bond yields and companies' earnings yields \u2013 currently at 5.4 percent for the S&P 500 index \u2013 prompts asset allocation changes between equities and fixed income. <\/p>\n

That, along with a reversal of bets on low volatility drew the three major U.S. indexes to correction territory last week, measured by a 10 percent decline from their record highs. <\/p>\n

Wall Street's fear gauge, VIX, short for the CBOE Volatility index was last at 27.63 on Monday, more than double its 50-day moving average but trading in a narrow 2-point range. <\/p>\n

President Donald Trump will unveil his second budget later in the afternoon. The plan includes $200 billion for infrastructure spending and more than $23 billion for border security and immigration enforcement. <\/p>\n

The infrastructure and tax plans have been the key drivers of the so-called Trump rally \u2013 the U.S. market's relentless rise since Trump's election in 2016. <\/p>\n

The materials and the industrials were both up more than 1 percent. The top S&P sector gainer, however, was energy, which jumped 1.87 percent as oil prices rose nearly 2 percent. <\/p>\n

Among stocks, General Dynamics fell 0.5 percent after the U.S. defense contractor said it would buy smaller rival CSRA for about $6.8 billion. CSRA soared 32 percent. <\/p>\n

Cisco was up 2.7 percent and American Express gained 1.5 percent after Instinet upgraded the two Dow components to "buy". <\/p>\n

Advancing issues outnumbered decliners on the NYSE by 2,076 to 538. On the Nasdaq, 1,894 issues rose and 562 fell. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"

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