NEW YORK, New York – Bank stocks took more damage in U.S. stock markets on Tuesday, but selling eased somewhat. However, Moody’s put a dampener on the markets by downgrading the banking sector to negative.
“It’s a relief rally, we’d call it, given the lack of any big surprises in the CPI and then just the lack of overnight surprises in the banking space,” said Adam Turnquist, chief technical strategist at LPL Financial. CNBC Tuesday.
“The market welcomes it.”
The Nasdaq Composite was the best performer, rising 239.31 points or 2.14 percent to 11,428.15.
The Standard and Poor’s 500 jumped 54.80 points, or 1.68 percent, to 3,920.56.
The Dow Jones rose 336.26 points or 1.06 percent to 32,155.40.
It was a mixed day for currency markets on Tuesday, as some currencies gained ground against the US dollar, while others fell back.
The EUR/USD pair closed at 1.07416, up 0.10 percent or 0.00106 from the previous day. Meanwhile, the US dollar/Japanese yen pair rose 0.74 percent or 0.979 to 134.152.
However, the US dollar/Canadian dollar pair fell 0.43 percent or 0.00594 to close at 1.36709. Similarly, the GBP/USD pair closed down 0.04 percent or 0.00043 at 1.21777.
The US Dollar/Swiss Franc pair had a positive day, closing up 0.21 percent or 0.00193 at 0.91299. The AUD/USD pair also gained ground, rising 0.27 percent or 0.00181 to 0.66849.
Finally, the New Zealand dollar/US dollar pair closed up 0.33 percent, but the percentage change was not given in the data.
Overall, it was a mixed day for currency markets, with some currencies up against the US dollar while others fell back. Traders and investors will be watching these pairs closely in the coming days to see how they continue to perform.
As the closing bell rang on global stock markets on Tuesday, the day’s results were a mixed bag. London’s FTSE 100 had a strong showing, closing up 1.17 percent, with Germany’s DAX PERFORMANCE INDEX and the Paris-based CAC 40 following with gains of 1.83 percent and 1.86 percent respectively.
However, Tokyo’s Nikkei 225 and Hong Kong’s HANG SENG INDEX both suffered losses on Tuesday, falling 2.19 percent and 2.27 percent respectively. Meanwhile, China’s Shanghai Composite Index and Shenzhen Index closed down 0.72 percent and 0.77 percent respectively.
The Australian S&P/ASX 200, and AUSTRALIAN ALL ORDINARIES and FTSE Bursa Malaysia KLCI also closed lower, with losses of 1.41 percent, 1.50 percent and 1.97 percent respectively.
On the other hand, ESTX 50 PR.EUR, Euronext 100 Index and BEL 20 had positive gains of 2.02 percent, 1.62 percent and 1.88 percent respectively.
The MOEX Russia Index, STI Index, S&P BSE SENSEX, IDX COMPOSITE, New Zealand’s S&P/NZX 50 INDEX GROSS and South Korea’s KOSPI Composite Index all had mixed results on Tuesday, with some closing higher and others lower.
As traders and investors studied today’s final numbers, it was clear that the markets were volatile and unpredictable. Some sectors and regions performed better than others, but overall uncertainty remained in global equity markets.