Wall St climbs as tech, industrial gain;…

Dow Jones

Dow Jones

On a day of heavy trading in healthcare companies, Henry Schein and Patterson Companies fell 6.64 per cent and 5.19 per cent, respectively, after news of a US Federal Trade Commission complaint against the dental supply firms. That was a big change after the market's inflation-inspired plunge earlier this month.

United States stocks are rising for the fifth straight day, led by blue-chips Apple and Cisco, as investors shrug off fears of rising inflation and hunt for bargains after last week's sell-off.

Many analysts blamed the stock market sell-off in recent weeks on rising bond yields with 10-year Treasury yields US10YT=RR at a four-year high, and soured bets that market volatility.VIX would stay low. The S&P 500 increased 35.69 points, or 1.34 percent, to 2,698.63.

By 9:41 a.m. ET (1441 GMT), the Dow Jones Industrial Average was down 73.22 points, or 0.3 percent, at 24,528.05 and the S&P 500 was down 7.42 points, or 0.28 percent, at 2,648.58.

Wall Street's main indexes were trading higher on Thursday with gains in technology and industrial stocks more than offsetting losses in energy stocks. In the latest economic data, the consumer price index rose by its highest amount in five months in January. That's the most in a year, and it sent bond yields and gold prices higher.

Benchmark US 10-year Treasury yields dipped to 2.842 per cent, shy of a four-year peak of 2.9020 per cent hit on Monday. Higher interest rates make it more expensive for consumers and businesses to borrow and spend and could slow growth.

Our stock market could easily outperform the U.S. market this year but we need Wall Street to keep on heading higher to ensure panic doesn't get in the way of my expected comeback for both the Oz economy and our stock market. The Commerce Department also lowered its estimate for spending in December.

FBI's Wray contradicts White House on Porter background check
Asked if the White House had been informed of the allegations against Porter, Wray said, "I can't get into the content". Jason Li, head of Stanford's Asian American Students Association, also slammed Wray's comments.

The surprise slowdown comes after a three-month stretch of sizzling consumer activity, from September through November, which had fueled the most robust holiday sales in a decade.

Sales at gasoline service stations rose 1.6 percent, but thats partly due to rising pump prices. Nike picked up $2.09, or 3.2 percent, to $67.96. Chipotle Mexican Grill (CMG) added 12% a day after naming a new chief executive. It traded above $700 in mid-2015. The Nasdaq climbed 66 points, or 1 percent, to 7,081. "The core PCE, which the Fed thinks is better, is even lower, well below 2 percent". That was a significant improvement from modest annual growth rates of around 2 percent the US experienced during the economic recovery, now in its ninth year. Copper added 5 cents, or 1.7 percent, to $3.09 a pound.

In premarket trading, Dow component's Cisco climbed nearly 8 percent after the company posted upbeat results as well as a forecast.

Crude oil futures are jumping $1.11 to $60.31 a barrel after plunging $1.95 to $59.20 a barrel last Friday.

Apple rose 1.6 percent after Warren Buffett's Berkshire Hathaway made the iPhone maker its top investment. Natural gas slid 3 cents to $2.55 per 1,000 cubic feet.

The dollar fell to 107.09 yen from 107.69 yen. Economists had expected inventories to edge up by 0.2 percent.

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