Wall Street recovers from early losses to finish in front

NEW YORK, New York - U.S, stocks rebounded from early losses on Tuesday to close in positive territory. Rising bond yields helped the market as the 10-year Treasury rose above 4.20 percent before dipping slightly.

"The market had moved into overbought territory, making it vulnerable to anything it perceives as negative ... It's now worried that the Fed has not declared victory on inflation, and not to mention, the concerns post-election," LPL Financial chief global strategist Quincy Krosby told CNBC Tuesday.

The Standard and Poor's 500 closed at 5,856.35, gaining 2.37 points, or 0.04 percent. Trading volume reached 1.716 billion shares.

The Dow Jones Industrial Average ended at 42,959.47, increasing by 27.87 points, or 0.06 percent, with 243.923 million shares changing hands.

The NASDAQ Composite finished the day at 18,573.13, up by 33.12 points, or 0.18 percent, with a trading volume of 5.411 billion shares.

Summary

Tuesday's market performance reflected a cautious yet steady sentiment among investors. Gains in the S&P 500 and NASDAQ signaled a slight recovery in tech and broader equities, while the Dow Jones registered a modest increase.

Forex Market Sees Mixed Movements Amid Global Uncertainties

The global foreign exchange market traded Tuesday with varied performances across major currency pairs. Traders remained attentive to geopolitical developments and upcoming economic data releases, which influenced the fluctuations. Below are the latest movements for key currency pairs:

EUR/USD (Euro / US Dollar):
The Euro weakened against the US Dollar, falling to 1.0794, down by 0.18 percent.

USD/JPY (US Dollar / Japanese Yen):
The US Dollar gained ground, climbing to 151.10, up by 0.18 percent.

USD/CAD (US Dollar / Canadian Dollar):
The pair last traded at 1.3819, slipping by 0.08 percent, as the Canadian Dollar showed minor strength.

GBP/USD (British Pound / US Dollar):
The British Pound traded marginally lower at 1.2982, declining by 0.01 percent.

USD/CHF (US Dollar / Swiss Franc):
The US Dollar dipped slightly, with the pair settling at 0.8655, down by 0.06 percent.

Commodity-Linked Currencies

AUD/USD (Australian Dollar / US Dollar):
The Australian Dollar strengthened to 0.6681, gaining 0.36 percent, bolstered by positive sentiment in the commodities sector.

NZD/USD (New Zealand Dollar / US Dollar):
The New Zealand Dollar rose to 0.6043, advancing by 0.23 percent.

Summary

Tuesday's foreign exchange market exhibited a mixed pattern, with the US Dollar strengthening against the Japanese Yen but losing ground to commodity-linked currencies such as the Australian and New Zealand Dollars. The Euro and Pound Sterling saw slight declines against the Dollar, reflecting ongoing market caution ahead of central bank announcements and key data releases.

Global Stock Markets See Mostly Declines on Tuesday

Major global stock indices delivered negative performances in the main on Tuesday. Currency indices also fluctuated, with the Japanese Yen and Euro indexes dipping, while the Australian Dollar strengthened. Below is a detailed breakdown of the day's market activity:

CANADA

• S&P/TSX Composite Index:
  Canada's main index ended slightly lower at 24,716.53, down 6.80 points, or 0.03 percent. A total of 115.524 million shares were traded during the session.

UNITED KINGDOM

• FTSE 100: Closed at 8,306.54, down by 11.70 points, or 0.14 percent.

EUROPE

• DAX PERFORMANCE-INDEX (Germany): Ended at 19,421.91, falling by 39.28 points, or 0.20 percent.
• CAC 40 (France): Closed at 7,535.10, edging lower by 1.13 points, or 0.01 percent.
• ESTX 50 PR.EUR: Finished at 4,939.31, down 1.91 points, or 0.04 percent.
• Euronext 100 Index: Closed at 1,483.42, declining by 0.57 points, or 0.04 percent.
• BEL 20 (Belgium): Ended at 4,279.77, down by 16.05 points, or 0.37 percent.

ASIA

• HANG SENG INDEX (Hong Kong): Rose to 20,498.95, up by 20.49 points, or 0.10 percent.
• STI Index (Singapore): Closed at 3,587.41, losing 27.17 points, or 0.75 percent.
• S&P BSE SENSEX (India): Fell to 80,220.72, losing 930.55 points, or 1.15 percent.
• FTSE Bursa Malaysia KLCI: Ended at 1,642.54, down by 3.14 points, or 0.19 percent.
• KOSPI Composite Index (South Korea): Closed at 2,570.70, declining by 34.22 points, or 1.31 percent.
• TSEC Weighted Index (Taiwan): Finished at 23,535.43, falling by 7.10 points, or 0.03 percent.
• SSE Composite Index (China): Closed at 3,285.87, gaining 17.76 points, or 0.54 percent.
• Nikkei 225 (Japan): Fell to 38,411.96, down by 542.64 points, or 1.39 percent.

OCEANIA

• S&P/ASX 200 (Australia): Dropped to 8,205.70, down by 138.70 points, or 1.66 percent.
• ALL ORDINARIES (Australia): Closed at 8,469.00, declining by 135.10 points, or 1.57 percent.
• S&P/NZX 50 INDEX GROSS (New Zealand): Dropped to 12,813.15, down by 110.07 points, or 0.85 percent.

MIDDLE EAST

• TA-125 (Israel): Dropped to 2,152.97, down by 19.32 points, or 0.89 percent.

AFRICA

• Top 40 USD Net TRI Index (South Africa): Gained 15.33 points to close at 4,835.99, up by 0.32 percent.

Currency and Regional Indices

• US Dollar Index: Edged higher by 0.08 points, closing at 104.09, up 0.08 percent.
• MSCI EUROPE Index: Declined to 2,144.83, falling by 11.04 points, or 0.51 percent.
• British Pound Currency Index: Dropped slightly to 129.81, down by 0.06 points, or 0.05 percent.
• Euro Currency Index: Ended at 107.97, falling by 0.19 points, or 0.18 percent.
• Japanese Yen Currency Index: Dropped to 66.18, losing 0.14 points, or 0.22 percent.
• Australian Dollar Currency Index: Closed at 66.81, up by 0.24 points, or 0.36 percent.

Summary

Tuesday's market session highlighted the challenges many economies are facing, with European markets mostly lower, while Asian indices showed mixed performance. China's SSE Composite Index posted a positive gain, while Japan's Nikkei 225 suffered a significant drop. Currency markets saw a mild rally for the U.S. dollar, with the Australian dollar also showing strength against its peers.

Related story:

Monday 21 October 2024 | Nasdaq adds 50 points Monday, Dow Jones dives 344 | Big News Network

(Photo credit: Big News Network news agency).