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Markets Right Now: Stocks surge; Dow industrials gain 400

17 February 2018

Wall Street's two-day winning streak appears to be in jeopardy Tuesday Morning as USA stock futures were in the red ahead of the opening bell. The Standard & Poor's 500, the benchmark for many index funds, gained 1.4 percent to 2,656. The gains were buoyed by strength in the share prices of oil and gas companies.

Benchmark U.S. 10-year Treasury yields US10YT=RR dipped to 2.842 percent, shy of a four-year peak of 2.9020 percent hit on Monday.

United States consumer price data is due out later this week on Wednesday.

The major indexes closed out last week on a high note, with the Dow rising 330 points on Friday while the S&P 500 and Nasdaq gained more than 1.4 percent. It was up as much as 574 points earlier.

The Nasdaq Composite .IXIC added 0.45 percent to 7,013.51. The Russell 2000 index of smaller-company stocks rose 13.15 points, or 0.9 percent, to 1,490.98.

"The market was probably 10 to 15 percent overvalued, and we got a 10 percent correction", said Ablin, who said he moved one client into the stock market Friday. Shares of DowDuPont soared 3.40 percent and Apple climbed 4.03 percent. General Electric posted a loss.

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According to LPL Financial, it was the swiftest move from a record high to a correction in the history of the S&P 500.

President Donald Trump unveiled the country's latest budget Monday, with the White House calling for $3 trillion in deficit reduction, which would include $1.7 trillion in mandatory spending cuts, while proposing to cut discretionary spending by 2 percent a year after 2019. Whether the recent sell-off is a short-term hiccup or the end of the longest bull market in decades is still unclear, they said.

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The Dow was up 488 points, or 2 percent, to 24,678.

"Over the short term, the selloff is likely to persist for the next few weeks because we are still in an adjustment period with people focusing on inflation data", said Lisa Erickson, head of traditional investments for US Bank Wealth Management. The plan, which calls for $200 billion in federal funding, may have sparked some optimism among investors.

The release this Wednesday of the Consumer Price Index for January will provide some more clarity on inflation. That's known on Wall Street as a market "correction".

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"My view is that the backdrop is still favorable enough", he said.

Wall Street climbed on Tuesday for a third straight session, buoyed by and Apple, while investors focused on inflation data on Wednesday that could upset the market's fragile recovery - or clear the way for additional gains.

ENERGY: Benchmark U.S. crude gained 67 cents, or 1.1 per cent, to $59.87 a barrel in NY.

Oil prices have dropped since reaching longtime highs in late January, when US crude peaked at $66 a barrel.

Following Wall Street's recent swings, the S&P 500 is down 0.4 percent for the year.

The Dow industrials were up 279 points, or 1.2 percent, to 24,471. Disney agreed to buy Fox's movie and television studios and some cable and worldwide TV businesses in December for $52.4 billion.

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Markets Right Now: Stocks surge; Dow industrials gain 400