'Buy the dip': Wall Street bounces back after tumultuous week

Posted February 17, 2018

U.S. stocks went on another bumpy ride on Wall Street, dropping sharply in early trading before recovering their losses by lunch time. According to LPL Financial, it was the swiftest move from a record high to a correction for the S&P 500, the most widely used market benchmark.

The Commerce Department said wholesale inventories rose by 0.4 percent in December after climbing by a revised 0.6 percent in November.

Japan's Nikkei 225 jumped 1.0 percent to 21,595.81 and South Korea's Kospi rose 1.5 percent to 2,420.05.

The Dow rose 410 points, or 1.7 percent, to 24,601.

Stocks are surging on Wall Street as the market claws back some of its massive losses last week.

The broader-based S&P 500, which surged 39 points to close at 2,620 on Friday, was expected to open its account at around 2,650. The benchmark 10-year US note yield rose to a four-year high on Monday before trading at 2.858 percent.

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While the markets were repeatedly marching though record high territory over the past year, even mediocre companies benefited, analysts said. European markets also rose.

Even with the solid start, the Standard & Poor's 500 index, the benchmark for many index funds, was on pace to finish its worst week since January 2016. The Nasdaq composite gained 118 points, or 1.7 percent, to 6,992.

The U.S stock index futures dipped in advance of Tuesday's open and dropped from the gains it had posted in the previous trading session.

Technology and industrial companies and retailers were leading the market higher Monday. The Nasdaq climbed 148, or 2.1 percent, to 7,115.

In the foreign exchange markets, the United States dollar fell against the euro after its best week against the single currency for nearly 15 months.

"The market was probably 10 to 15 percent overvalued, and we got a 10 percent correction", said Ablin, who said he moved one client into the stock market Friday.

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Benchmark U.S. crude gained 62 cents, or 1 percent, to $59.82 a barrel in NY. On the mainland, the Shanghai composite tacked on 1.14% and the Shenzhen composite gained 0.84%. Dow Jones Industrial Average futures were up 144 points, or 0.6%, in early Monday trading in Asia. Australia's S&P/ASX 200 rose 0.6 percent to 5,854.60.

The market is coming off a turbulent week that left major indexes with their biggest weekly losses in two years.

Twenty-First Century Fox picked up 67 cents, or 1.9 percent, to $36.40 after The Wall Street Journal reported that cable and internet provider Comcast is still interested in buying Fox's entertainment divisions and could make another offer.

Bond prices edged higher.

Treasurys also rebounded after selling off earlier on Monday; the yield on the 10-year note had touched a four-year high above 2.9%.

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