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Market Wrap: Stocks, Bonds, Commodities |
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On Tuesday, U.S. stocks advanced for a second consecutive session, with the S&P 500 rising 81 points (+1.18%) to 6,967, and the Nasdaq 100 up 458 points (+1.81%) to 25,841.
The Dow Jones closed 317 points higher (+0.66%) at 48,535.
The S&P 500 is less than 1% from its all-time high of 7,002, while the Nasdaq 100 posted a 10-session winning streak, the longest one since 2021.
Most tech giants outperformed the market, with Meta (META) gaining 4.41%, Alphabet (GOOGL) up 3.61%, Tesla (TSLA) up 3.34%, and Microsoft (MSFT) up 2.27%.
Amazon (AMZN) climbed 3.81%. Bloomberg reported that the company is concluding a deal to acquire satellite-communications provider Globalstar (GSAT). Globalstar closed 9.63% higher.
Semiconductor stocks remained buoyed, with Nvidia (NVDA) advancing 3.80%, Micron (MU) up 9.17%, Advanced Micro Devices (AMD) up 3.34%, and Taiwan Semiconductor Manufacturing (TSM) up 2.79%.
However, Intel (INTC) retreated 2.10%, halting a 9-session rally in which the stock gained more than 58%.
American Airlines (AAL) jumped 8.01% and United Airlines (UAL) added 2.10% on reports that both airlines are discussing a potential merger.
And JetBlue Airways (JBLU) surged 16.91%.
After reporting quarterly results, BlackRock (BLK) rose 3.02%, while Wells Fargo (WFC) fell 5.70%, and CarMax (KMX) tumbled 15.12%.
The U.S. 10-year Treasury yield declined further, dropping 4.5 basis points to 4.248%.
European stocks rebounded, with the DAX 40 climbing 1.27%, the CAC 40 up 1.12%, and the FTSE 100 up 0.25%.
U.S. WTI crude futures slid 7.80 dollars (-7.87%) to 91.28 dollars a barrel.
Gold bounced 100 dollars (+2.11%) to 4,841 dollars an ounce, and silver jumped over 5% to 79.56 dollars an ounce.
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The U.S. dollar weakened for a sixth straight session, with the dollar index testing the support at the level of 98.
U.S. producer price inflation accelerated to 4.0% year on year in March from 3.4% in February.
EUR/USD challenged the level of 1.1800 on the upside.
USD/JPY pulled back 67 pips to 158.78, crossing back below its 20-day moving average and ending a three-session rally.
GBP/USD advanced 60 pips to 1.3564, the highest level since late February.
AUD/USD surpassed the level of 0.7100.
USD/CHF slipped 26 pips to 0.7809, and USD/CAD was down 25 pips to 1.3767.
Bitcoin marked an intraday high of 76,127 dollars, which was last seen in early February.
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In Asian trading hours, WTI crude futures rebounded from an intraday low near 87 dollars a barrel to around 91 dollars a barrel.
Meanwhile, USD/JPY rebounded to 159.03. Japan's machinery orders rose 13.6% month-on-month in February, above 7.0% expected.
EUR/USD and GBP/USD were both steady, at 1.1785 and 1.3565 respectively.
Gold eased to 4,828 dollars.
Bitcoin was little changed at 74,298 dollars.
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The eurozone's industrial production is estimated to grow 0.5% month-on-month in February.
In the U.S., the Empire State manufacturing index is expected to decline to -3.1 in April.
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