US stocks close higher
Dow Jones up 567pts, or 2.3%
TSX in Toronto down over 36 pts
US crude weak
US stocks closed higher, with the Dow Jones up 2.3%, or 567 points at 24,192.
It was the biggest one-day percentage gain since late in 2016.
The broader based S&P 500 closed around 46 points up at 2,695. The tech heavy Nasdaq added over 148 points at 7,115.
In Toronto, the TSX was down over 36 points at 15,371.
US crude (West Texas Intermediate) was down 1.01% to US$63.50 a barrel at the time of writing.
ExxonMobil Corp (NYSE:XOM) shed 1.72% to US$78.35.
Meanwhile, Apple Inc (NASDAQ:AAPL) was a notable riser, up 4.24% to US$163.12.
MID-SESSION
After the carnage of yesterday, Wall Street stocks were in positive territory on Tuesday.
The Dow Jones Industrial Average was up 95 points at 24,440.
The S&P 500 added 2.99 at 2,765 and the tech heavy Nasdaq index was up 35 points at 7,002.
In Toronto, the TSX is down over 32 points at 15,302.
Among the notable gainers, Asta Funding Inc (NASDAQ:ASFI) saw shares rise over 38% as it reported a US$5.30 per share special dividend.
On the losing front, Clearwater Paper Corp (NYSE: CLW) lost over 22% to US$34.40 after the company posted downbeat fourth quarter earnings and issued a weak first quarter earnings forecast.
Quotient Limited (NASDAQ: QTNT) added over 40% to US$4.20 as the group issued a strong third quarter earnings beat.
OPEN
US stocks fell heavily at the open but then clawed back losses as the session went on to move higher, and into the green.
It comes after a historic drop yesterday, which saw the Dow Jones lose 4.6% in one day - and shed well over 1,100 points.
At the time of writing now, the Dow Jones is up 350 points at 24,693.
The S&P 500 added around 28 at 2,677 and the tech heavy Nasdaq is up over 70 points at 7,031
"In the latest twist to a chaotic few sessions the Dow Jones avoided what briefly looked like it was going to be a 700 point drop, instead mounting a comeback," said Connor Campbell at Spreadex.
"The Dow was all over the place after the bell. With the futures promising the index was going to spill its guts, it was a welcome relief that the index instead quickly shifted into the green."
In stocks, a notable gainer is Skyworks Solutions Inc (NASDAQ:SWKS), which added over 10% to stand at US$104.53 each.
The gain came after the wireless chipmaker reported earnings that topped Wall Street estimates and announced a new share buyback program.
Dow Jones share index opens 500 points down, but quickly regains some of those losses https://t.co/wmIL7dtp0D
— BBC Breaking News (@BBCBreaking) 6 February 2018
PREVIEW
On Wall Street, after Monday’s 1,100 point drop by the Dow Jones, all 30 components of the US blue chip index were trading in negative territory in active pre-market trading
Neil Wilson, senior market analyst at ETX Capital noted: “Futures have been all over the place this morning but seem to be settling lower, ready to push through another run of levels on the downside.”
He pointed out: “The cue yesterday for the Dow’s plunge was when the 50-day moving average gave way, triggering also and trend-following funds to dump stocks. The next support which seems to have gone after a couple of false starts is the 100-day moving average at 24071.”
Wilson added that with Dow futures well through that level at 23700, this average will be critical when the US markets open – “regain it and there is hope the rout could halt as it might be the excuse for algos to turn bullish, but failure to regain this could trigger a renewed bout of selling.”