US shares gained yesterday after two straight sessions of losses on a rebound in healthcare and technology stocks, while the dollar rose from nine-week lows on signs that the US economy may be stabilizing after a recent soft patch.
A majority of the 10 major US S&P indexes were higher, with the health and tech indexes both snapping two-day losing streaks. Apple shares were higher and were the biggest driver on the Dow, Nasdaq and S&P 500.
All major European markets except London, its biggest, were closed on Friday for the May Day holiday, while many Asian markets were also shut. London’s FTSE 100 index inched into positive territory after miners advanced on expectations of further stimulus in China, the world’s top metals consumer.
The gains in US shares came after weak earnings reports had contributed to losses in the previous two sessions. The rise also came despite data showing that construction spending fell in March to a six-month low, while ISM data showed manufacturing growth held at its slowest in almost two years in April.
Data showing a jump in consumer sentiment, however, was a bright spot in recent economic reports and supported the dollar.
The MSCI world equity index was last up 0.65 points or 0.15 per cent, to 436.95.
The Dow Jones industrial average was last up 146.15 points, or 0.82 per cent, at 17,986.67.
The S&P 500 was last up 15.52 points, or 0.74 per cent, at 2,101.03.
he Nasdaq Composite was up 40.75 points, or 0.82 per cent, at 4,982.17.
The dollar index, which measures the greenback against a basket of six major currencies, rose after posting its worst month in four years in April. The index was last up 0.6 per cent at 95.166 after hitting a nine-week low of 94.399 on Thursday.
The euro was last down 0.1 per cent against the dollar at $1.12105 after hitting a more than nine-week high against the dollar of $1.12900 earlier in the session.
Benchmark 10-year US Treasury yields hit a seven-week high of 2.117 per cent.
Treasuries prices, which move inversely to yields, resumed their sell-off as traders readjusted to higher yields globally.
Oil prices eased off 2015 highs after Iraq said its crude exports hit a record in April, keeping Middle East production well above demand. Brent crude was last down 73 cents at $66.05 a barrel.
US crude was last down 80 cents at $58.83 per barrel.
Gold futures were last down 0.89 per cent, at $1,171.9 an ounce.