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Dec 10, 2018

U.S. stocks get bump from tech; TSX closes near 2018 low

BNN Bloomberg's mid-morning market update: Dec. 10, 2018

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Gut-wrenching volatility extended into a 12th week Monday as U.S. equities plunged and recovered, with the Dow Jones Industrial Average reversing a 508-point decline as tech shares bounced.

Major U.S. indexes finished in the green, buoyed by rallies in Facebook Inc. and Microsoft Corp. The pound tumbled as traders took a grim view of the outlook for the U.K. after Theresa May delayed a crucial Brexit vote. The dollar jumped and oil dropped.

In Canada, the S&P/TSX Composite Index closed 66.85 points lower at 14,728.28, just above the index's lowest close of 2018.

Investors found an excuse to buy the dip Monday after the S&P 500 fell to the lowest intraday level since April, continuing a volatile period for U.S. equities. Traders may need to steel themselves for the possibility of the U.K. leaving the European Union without a deal, another worry amid already fragile sentiment in financial markets and lingering trade-war fears. But for now, traders were happy to buy shares of the biggest tech companies.

“Tech is running this market; it’s unbelievable,” Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” market newsletter, said in an interview.

U.K. Prime Minister May postponed a key parliamentary Brexit vote rather than risk a bruising defeat, and wouldn’t commit to a new date for a vote. The EU Court of Justice said that Britain could unilaterally choose to change tack and stay in the union, while European Council President Donald Tusk made clear the deal would not be renegotiated.

Auto companies led the retreat in the Stoxx Europe 600 Index as concern about the strength of China’s economy lingered.

Elsewhere, Asian stocks fell. India’s rupee weakened as exit polls showed Prime Minister Narendra Modi’s party was set for tight electoral contests in key states and as the central bank governor, Urjit Patel, resigned. Oil erased some of Friday’s rally triggered by OPEC and its allies agreeing on production cuts. Emerging-market shares and currencies fell.

 

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These are the main moves in markets:

Stocks

The S&P 500 Index rose 0.2 per cent at the close of trading in New York. The Stoxx Europe 600 Index declined 1.9 per cent. The MSCI All-Country World Index dipped 0.8 per cent with its fifth consecutive decline. The MSCI Emerging Market Index fell 2 per cent.

Currencies

The Bloomberg Dollar Spot Index increased 0.5 per cent. The euro fell 0.2 per cent to US$1.1354. The Japanese yen decreased 0.5 per cent to 113.26 per dollar. The British pound sank 1.3 per cent to US$1.2562, the weakest in almost 20 months. The MSCI Emerging Markets Currency Index sank 0.8 per cent, the most in two months.

Bonds

The yield on 10-year Treasuries was little changed at 2.85 per cent. Germany’s 10-year yield was little changed at 0.24 per cent. Britain’s 10-year yield declined seven basis points to 1.19 per cent, the lowest in 16 weeks.

Commodities

West Texas Intermediate tumbled fell 3.3 per cent to US$50.89 a barrel. Copper slipped 1.3 per cent to US$2.725 a pound. Gold dipped 0.4 per cent to US$1,244.05 an ounce.

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