Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Stocks - Wall Street Rally Accelerates Late Afternoon

Published 08/28/2019, 12:52 PM
Updated 08/28/2019, 03:30 PM
© Reuters.

© Reuters.

Investing.com – Stocks were rallying strongly Wednesday afternoon, paced overall by gains in energy, consumer discretionary and industrial stocks.

In addition, the Dow Jones industrials were surging because of strength in Boeing (NYSE:BA), Goldman Sachs (NYSE:GS), Home Depot (NYSE:HD), UnitedHealth Group (NYSE:UNH) and chemical maker Dow Inc. (NYSE:DOW)

At 3:15 PM ET (19:15 GMT), the Dow was up 0.97% and the S&P 500 had added 0.65%. The Nasdaq Composite was up a more modest 0.43% because of weakness in such key tech stocks as Microsoft (NASDAQ:MSFT), Facebook (NASDAQ:FB) and Adobe Systems (NASDAQ:ADBE).

Energy shares were surging on the Energy Information Administration's report of a big drawdown of U.S. crude oil inventories. West Texas Intermediate was up 85 cents to $55.78. Brent, the global benchmark, climbed 90 cents to $59.93.

Even with today's stock-market gains, the major averages are still below their late July peaks and their peaks in the early fall of 2018 before a major slump that ended at Christmas.

Gold was off slightly.

Interest rates were lower, with the 10-year Treasury yield at 1.464%. But there was still a yield inversion in place with the spread between the 10-year yield and 2-year yield at a negative 3.95 basis points. The inversion is a signal of a possible recession ahead.

Latest comments

Easy where's the recession, go to your next plaza and look for small businesses.
Wiay until. The gorvernment debt increases and the economy doesn't then we will see if the stocks will even rally 50 points in a trading day
As i said this buying power is temporary... Wait until consumers sentiment contracts then you will see what happens
Hello recession where are you??
Hey! What happened to the big recession?!?! Is it over already?!? LOL!!
yep that was it. keep buying. by the end of next year we could see 3500 or better on the s&p
Ha ha ha lol! My grandpa told me that's what they said in '29.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.