11 May 2015
US stocks trade flat
FXStreet (Mumbai) - US stocks are trading in the sideways manner after the DOW posted its biggest single day gain on Friday since January end.
At the time of writing, the Dow Jones Industrial Average was 17.61 points, or 0.1%, to 18173.50. The S&P 500 index was down less than a point to 2115.40. The Nasdaq Composite Index gained seven points, or 0.1, to 5010.73.
The flat trading followed a surge in the US stocks on Friday after the jobs data in April indicated the economy is recovering from the first quarter slowdown. At the same time, the jobs numbers was not strong enough to trigger concern of an early rate hike in the US. Consequently, the stocks rallied, with the DJIA gaining 267 points, or 1.5%.
However, the US markets so far today have not been able to rally on the Chinese rate cut. The Shanghai Composite Index rose 3% after China’s central bank cut interest rates by 25 basis points, its third rate cut move in six months.
Meanwhile, the yield on the 10-year Treasury note rose to 2.183% from 2.148% on Friday. Yields rise as prices fall.
At the time of writing, the Dow Jones Industrial Average was 17.61 points, or 0.1%, to 18173.50. The S&P 500 index was down less than a point to 2115.40. The Nasdaq Composite Index gained seven points, or 0.1, to 5010.73.
The flat trading followed a surge in the US stocks on Friday after the jobs data in April indicated the economy is recovering from the first quarter slowdown. At the same time, the jobs numbers was not strong enough to trigger concern of an early rate hike in the US. Consequently, the stocks rallied, with the DJIA gaining 267 points, or 1.5%.
However, the US markets so far today have not been able to rally on the Chinese rate cut. The Shanghai Composite Index rose 3% after China’s central bank cut interest rates by 25 basis points, its third rate cut move in six months.
Meanwhile, the yield on the 10-year Treasury note rose to 2.183% from 2.148% on Friday. Yields rise as prices fall.