Stocks bounce back as trade tensions ebb

Stocks bounce back as trade tensions ebb

US stock indexes finished a bit higher Monday as investors let go of some of their fears about a possible trade war between the USA and China.

Technology companies like Apple and Microsoft are recovering some of their recent losses and so are industrial companies. Gene therapy developer AveXis is soaring after drugmaker Novartis agreed to buy it for $8.7 billion.

The S&P 500 was up 32.28 points, or 1.24 percent, at 2,636.75 and the Nasdaq Composite was up 113.21 points, or 1.64 percent, at 7,028.32.

In 1.10pm trading in NY, the Dow Jones Industrial Average rallied 1.7 percent, while the Nasdaq Composite Index jumped 2.2 percent. The UK's FTSE 100 Index added 0.2 percent, as did Germany's DAX Index, while France's CAC40 Index increased 0.1 percent.

TRADE WORRIES: Indexes are fluctuating in recent sessions as they try to guess the outcome of the U.S. The S&P 500 fell 1.4 percent last week, with large losses Monday and Friday and strong gains in between. Senior Chinese officials are studying a two-pronged analysis of the yuan-one part looks at the effect of using the currency as a tool in trade negotiations with the United States, while a second part examines what would happen if China devalues the yuan to offset the impact of any trade deal that curbs exports, according to Bloomberg. She said stocks have done well recently when investors can get their minds off the trade disputes because the global economy and the US economy are still growing.

The FANG group, comprising four closely watched internet stocks: Facebook Inc, Amazon.com Inc, Netflix Inc and Alphabet Inc's Google, were up between 1.1 percent and 3.4 percent. Among industrial companies, Boeing rallied $5.43, or 1.7 percent, to $331.55 and Caterpillar gained $2.87, or 2 percent, to $145.86.

Most of the stocks on the New York Stock Exchange finished lower Monday. The yield on the 10-year Treasury note rose to 2.80 percent from 2.77 percent late Friday.

ENERGY: Benchmark U.S. crude rose 45 cents to $63.87 a barrel.

Oil prices traded higher as Brent crude futures rose 0.51 percent to trade at $67.45 per barrel, while US WTI crude futures rose 0.26 percent to trade at $62.22 a barrel.

On the currency front, the U.S. dollar is trading at 107.12 yen compared to the 106.77 yen it fetched at the close of NY trading on Monday. The euro rose to $1.2318 from $1.2285. Japan's Nikkei 225 Index rose by 0.5 percent and Hong Kong's Hang Seng Index tumbled by 1.3 percent.

Asian stocks fared better.

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