US stocks close higher
TSX down
Tech sector bounces back
Spotify makes its debut at US$165.90
US stocks closed strongly higher as the tech sector rebounded from yesterday's crash.
The Nasdaq added over 71 points at 6,941.
The Dow Jones gained 389 at 24,033.
The S&P 500 added over 32 points at 2,614.
In Toronto, the picture was different. The TSX shed over 32 points at 15,180.
Top riser on Nasdaq was Tesla Inc (NASDAQ:TSLA), recovering from yesterday's drop, up almost 6% to US$267.55. Amazon (NASDAQ:AMZN) added 1.52% to US$1,392.80.
Microsoft (NASDAQ:MSFT) gained 1.31% to US$89.68.
Mid-day session:
US stocks held their ground in volatile mid-day trading, with the Dow Jones maintaining its grip with a 142-point increase at 23,800.
The S&P 500 rose 12 points to 2,593 and the tech-heavy Nasdaq managed to remain up by 19.7 points at 6,889. Up in Toronto, Canadian stocks took a hit, with the TSX losing 91.2 points in afternoon trade to 15122.
Over on the Nasdaq, Viacom shares fell further by 4.42% on reports that the all-share offering, which CBS is proposing as part of its merger, will fall below Viacom’s current market value.
After dipping ever so slightly into the red, Amazon, meanwhile, was trading flat, up 0.25% at US$1,372.53 after President Trump again publicly attacked the company for its purported cost to the United States Postal Service.
On the New York Stock Exchange, Spotify (NYSE:SPOT) made its debut by opening at US$165.90 via its new more democratic “direct listing” which allowed ordinary investors to buy shares in its IPO But the shares later slid to trade around US$160.
On the roll call of winners on the S&P 500 were Under Armour Inc (NYSE:UAA), which saw its class A shares jump 3.85% to US$16.73, and BorgWarner Inc (NYSE:BWA), which was up 3.3% at US$50.49.
The UK pound was flat against the US dollar at US$1.41 while the Japanese yen dipped 0.3% to 106.25 per US dollar.
Elsewhere, the cost of a barrel of oil was up slightly by less than a percentage point at US$63.46. The yield on ten-year US Treasury bonds also jumped 2 basis points to 2.75%.
The New York Stock Exchange flew the Swiss flag to honor Spotify's listing debut this morning— but it's a Swedish company https://t.co/PP6MEjDDu3
— The New York Times (@nytimes) 3 April 2018
Morning trading:
After a bloodbath on Monday, US shares started on the front foot, with the Dow Jones up 125 points at 23,769.
The S&P 500 added almost 11 at 2,592 and the tech heavy Nasdaq added 33 points at 6,903.
In Toronto, the TSX shed over 17 points at 15,196.
The tech sector, which got pounded yesterday, appeared to be bouncing back.
Microsoft (NASDAQ:MSFT) shares were up 0.32% to US$88.80, while e-tailer Amazon (NASDAQ:AMZN) climbed 1.39% to US$1,319.21.
Media conglomerate Viacom Inc (NASDAQ:VIAB) shed 0.79% after reports that sister company CBS wanted to buy it for below its current market value.