Dow reclaims 18,000 amid Doha news

New York, April 19 (IANS) US stocks reversed early losses to end higher on Monday, as investors shook off worries over oil producers’ failure to agree on an output freeze in Doha during the weekend.

The Dow Jones Industrial Average finished above the round-number mark of 18,000 points for the first time since July 20, 2015, Xinhua reported.

At the close, the Dow rose 106.70 points, or 0.60 percent, to 18,004.16. The S&P 500 added 13.61 points, or 0.65 percent, to 2, 094.34. The Nasdaq Composite Index gained 21.80 points, or 0.44 percent, to 4,960.02.

The world’s key oil producing countries failed to deliver any concrete agreement to freeze production at the end of their ministerial meeting in Doha, Qatar, Sunday amid disagreements on the wording of the agreement.

Qatari Oil Minister Mohammed bin Saleh al-Sada said at a press conference that “the meeting reached a result which we all need more time for more consultations and talks.”

Oil prices shaved most of early losses to end mildly lower Monday.

In corporate news, shares of Pepsico, Inc. edged down 0.05 percent to 103.72 U.S. dollars apiece Monday, after the snack and beverage giant delivered quarterly earnings above estimates and revenues in line with expectations.

On the economic front, builder confidence in the market for newly-built single-family homes remained unchanged in April at a level of 58 on the National Association of Home Builders/Wells Fargo Housing Market Index.

Overseas, European equities also ticked up Monday despite failed Doha deal. German benchmark DAX index at Frankfurt Stock Exchange added 0.68 percent, while British benchmark FTSE 100 Index inched up 0.15 percent.

Asian stocks suffered big losses Monday after Doha news. Chinese benchmark Shanghai Composite Index tumbled 1.44 percent, while Japanese 225-issue Nikkei Stock Average plummeted 3.40 percent on concerns over the economic impacts of the recent earthquakes in Japan’s southwest.

Chinese shares open higher

Beijing, April 19 (IANS) Chinese stocks opened higher on Tuesday, with the benchmark Shanghai Composite Index up 0.44 percent, at 3,047.13 points.

The smaller Shenzhen index opened 0.47 percent higher at 10,618.84 points, Xinhua news agency reported.

The ChiNext Index, tracking China’s NASDAQ-style board of growth enterprises, gained 0.56 percent to open at 2,278.31 points.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here