Sat, 19 Sep 2020

Mixed start to week for Wall Street, Dow Jones gains

Lola Evans
11 Aug 2020, 08:01 GMT+10

NEW YORK, New York - U.S. industrial stocks rose on Monday, while the technology sector, headed by the Nasdaq, had a rare off-day.

The big winner was the Dow Jones, while the Standard and Poor's 500 made only a modest gain.

"Part of the reason the S&P 500 has been held back is we're starting to see yet another rotation to value and away from growth," Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago told Reuters Thomson Monday.

"That tends to hold back the S&P because it's so dominated by big tech."

At the close of trading Monday, the Dow Jones Industrial Average was ahead 357.96 points, or 1.3%, at 27,791.44.

The Standard and Poor's 500 added 9.19 points, or 0.27%, to 3,360.47.

The Nasdaq Composite retreated 42.63 points, or 0.39%, to 10,968.36.

The U.S. dollar was mixed Monday, however moves in either direction were unremarkable.

The euro slipped to 1.1739. The British pound was little changed at 1.3072. The Japanese yen was a fraction stronger at 105.93. The Swiss franc edged up to 0.9153.

The Canadian dollar was stronger at 1.5354. The Australian dollar was a few basis points lower at 0.7151. The New Zealand dollar likewise was a few points down at 0.6591.

London's FTSE 100 climbed 0.31%. The German Dax was ahead 0.10%, while the CAC 40 gained 0.41%.

On Asian markets, the Shanghai Composite index climbed 25.22 points or 0.75% to 3,379.25. The blue-chip CSI300 index rose 0.36%.

The Australian market had its best day in nearly 3 weeks, boosted by banking and other financial stocks.

The S&P/ASX 200 index rose 1.76% to 6,110.2 points by the close. The broader Australian All Ordinaries strengthened by 102.20 points or 1.66% to 6,247.10.

"The financial sector has under-performed the market a little bit over the past few weeks, and this might be a catch up play before Commonwealth Bank's results later this week," James Tao, market analyst at CommSec told Reuters Thomson Monday.

New Zealand's benchmark S&P/NZX 50 index was also assisted by financials, rising 0.30%.

In Japan, the Nikkei 225 fell 88.26 points or 0.39% to 22,329.94.

Hong Kong's Hang Seng fell 154.19 points or 0.63% to 24,372.43. Investors were unsettled by the arrest of Apple Daily newspaper publisher Jimmy Wei under the new controversial National Security Law His two sons were also arrested and his newspaper's offices raided.

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