Arab Today, arab today summers pullout from fed race boosts dow sp 500
Last Updated : GMT 20:13:27
Arab Today, arab today
Arab Today, arab today

Summers pullout from Fed race boosts Dow, S&P 500

Arab Today, arab today

Arab Today, arab today Summers pullout from Fed race boosts Dow, S&P 500

New York - AFP

US stocks mostly gained on Monday helped by news that Larry Summers, perceived as in favor of tighter monetary policy, pulled out of the race to lead the Federal Reserve. The Dow Jones Industrial Average and the S&P 500 both gained, but large drops by Nasdaq giants Apple (-3.2 percent) and Facebook (-3.0 percent) dragged the Nasdaq Composite lower. The Dow finished up 118.72 (0.77 percent) at 15,494.78. The broad-based S&P 500 gained 9.61 (0.57 percent) at 1,697.60, while the Nasdaq Composite lost 4.33 (0.12 percent) at 3,717.85. Analysts credited both the US-Russia pact to eliminate Syria\'s chemical weapons and Summers removing himself from contention to be chairman of the Fed. Many analysts believed that President Barack Obama now would pick Fed vice-chair Janet Yellen, a monetary dove, to replace Ben Bernanke at the end of January. \"The more constructive tone to the markets reflects the belief that the pace of tapering will be slower under a Yellen (Fed) than under Summers,\" said Steven Ricchiuto, chief US economist at Mizuho Securities. However, he cautioned, Yellen\'s nomination is no certainty; Obama could opt for another candidate, with speculation focused on former Fed officials who could be more hawkish on tightening policy than Yellen. \"As such, we are not convinced that this is a turning point for the markets,\" he said. Boeing shares led the Dow gain, rising 3.9 percent on reports that the aircraft maker\'s bid outpaced rivals in a $7.6 billion deal to supply fighter jets to South Korea. Packaging and paper maker Boise Inc. jumped 26.1 percent after Packaging Corporation of America set a $2 billion deal to take over the company. Packaging Corp. gained 10.8 percent. Apple shares appeared to continue sinking on the disappointments in its new iPhones launched last week and its China strategy for them. Facebook came off its recent highs as investors awaited rival Twitter\'s IPO. China\'s Qihoo 360 fell 5.6 percent on profit taking from last week\'s peak. Bond prices were mixed. The yield on the 10-year Treasury dropped to 2.87 percent from 2.90 percent Friday, while the 30-year rose to 3.87 percent from 3.85 percent. Prices and yields move inversely.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today summers pullout from fed race boosts dow sp 500 Arab Today, arab today summers pullout from fed race boosts dow sp 500

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 10:37 2017 Tuesday ,21 February

Most Asia markets up as rally presses ahead

GMT 05:34 2017 Tuesday ,21 February

7 firms to list on 2nd Saudi stock board

GMT 19:53 2017 Monday ,20 February

Large stocks fall pushing down Nairobi bourse

GMT 18:36 2017 Monday ,20 February

Heavy selling drags Oman shares lower

GMT 06:16 2017 Monday ,20 February

Bank shares lift Tadawul
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday