Wall Street shows some recovery on opening


The stock exchanges in New York started trading day higher on Tuesday, after losing several trading days in a row. A deterioration in the trade relationship between the United States and China weighed heavily on sentiment, but recent statements by the Chinese central bank seem to give investors some relief.

The leading Dow-Jones index rose 0.8 percent to 25,911 points and the broader S&P 500 won 0.9 percent on 2870 points. Nasdaq technology scholarship increased 1.3 percent to 7822 points.

The S&P 500 closed 3 percent lower on Monday, the largest daily loss of the year. China allowed the value of its own currency to fall to the lowest level in ten years, after which the US accused the country of currency manipulation. Investors feared that Beijing used devaluation of the yuan as a weapon in the trade struggle with the US. The Chinese central bank maintains that the write-down of the yuan was determined by the market, and took steps on Tuesday to lower its own currency less.

Apple, which recorded significant losses in the previous days due to the trade turmoil, won over 2 percent. Aircraft manufacturer Boeing and machine builder Caterpillar, which generally react strongly to trade troubles, rose to almost 1 percent.

Mastercard made its mark on the takeover surface. The credit card company accounts for nearly $ 3.2 billion for the part of the Danish payment processor Nets that handles business payments. The share is just under 2 percent higher.

By: Nicholas de Kramer

Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at nicholas.dekramer@economicinform.com

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