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Wall Street boosted by tech, telecom stocks

Wednesday, 4 Jan 2017 05:59:40 | Thuy Ong

Wall Street's post-election rally has extended into the new year. (Reuters)

Wall Street posted modest gains overnight, helped as technology stocks including Alphabet and Facebook climbed higher, while the S&P 500 posted the largest gain in four weeks.

Markets at 8:35am (AEDT):

  • ASX SPI 200 futures flat at 5,704
  • AUD: 72.2 US cents, 59 British pence, 84.9 Japanese yen, 69.3 eurocents, $NZ1.044
  • US: S&P 500 +0.9pc to 2,258, Dow Jones +0.6pc to 19,882, Nasdaq +0.9pc to 5,429
  • FTSE +0.5pc to 7,178, DAX -0.1pc to 11,584, CAC 40 +0.4pc to 4,899
  • Commodities: Gold +0.6pc to $US1,158 an ounce, West Texas Crude -2.6 per cent to $52.36

A post-election rally has extended into the new year, as markets are optimistic President-elect Donald Trump's policies will stimulate the economy with tax cuts and infrastructure spending.

Though analysts have also warned protectionist measures and changes to foreign policies may have unintended consequences for the US, with some market participants saying it is creating "extraordinary uncertainty".

Apple added 0.3 per cent, while Google's parent-company Alphabet soared 2 per cent to $US808.

Car maker Ford jumped 3.8 per cent after saying it would not build a new plant in Mexico amid criticism from Mr Trump.

On the local market, Australian shares are set to open flat in a quiet day as investors stay on the sidelines.

"Turnover through the Aussie market was predictably terrible yesterday at $3.74 billion — 38 per cent below the 30-day average — and that will likely be the case again today," Chris Weston, chief market strategist at IG said in a note to clients.

"The trend in the ASX 200 is strong though and moves into 5,700 should be supported ... there are no red flags warranting more aggressive short positions just yet."

On commodities markets, oil dived 2 per cent after hitting its highest point since July 2015 in early trade.

AustraliaPlus


 

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