Markets Right Now: Stock recover lost ground, led by banks

Markets Right Now: Stock recover lost ground, led by banks

Markets Right Now: Stock recover lost ground, led by banks

The S&P 500 and the Dow Jones Industrial Average registered their biggest one-day percentage drops in a month on Tuesday as political turmoil in Italy sparked concerns about the stability of the euro zone and shares of US banks tumbled.

The Dow Jones industrial average fell roughly 390 points - or 1.58 percent - amid losses in Goldman Sachs, Boeing, and J.P. Morgan Chase.

The Dow Jones industrial average climbed 306.33 points, or 1.3 percent, to 24,667.78.

In Europe, France's CAC 40 climbed 0.4 percent to 5,446.54 while the FTSE 100 index gained 0.2 percent to 7,708.06. At its lows, the index lost more than 500 points, or 2 percent.

The euro rose to $1.1648 from $1.1531, which was its lowest level in nearly a year. The Nasdaq climbed 34 points, or 0.5 per cent, to 7,431.

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The Russell fared far better than the rest of the market on Tuesday and has done better than other indexes in recent weeks. Another report showed that German retail sales expanded for the first time in five months in April.

BONDS: Bond prices fell. KeyCorp rose 2.2 per cent. The Hang Seng in Hong Kong slipped 1.2 percent to 30,101.98 and the Shanghai Composite index fell 2 percent to 3,058.12.

Clothing company Chico's FAS plunged 18.2% after its profit fell short of expectations and luxury retailer Michael Kors dropped 11.4% following a disappointing forecast for the year.

Exxon Mobil jumped 2.9 percent to $80.70 and Chevron rallied 2.2 percent to $124.09.

Royal Bank of Scotland Group shares fell over 1 percent in London after Ewen Stevenson resigned from his role as Chief Financial Officer and Executive Director to take up an opportunity elsewhere. Those countries cut production at the start of 2017, which helped take US crude from about $50 a barrel in late 2016 to more than $70 this month. Meanwhile, after falling $4.90 to $1,304.10 an ounce in the previous session, gold futures are inching up $0.10 to $1,304.20 an ounce. They had agreed to keep production at its current levels until the end of this year, but upheaval in Venezuela and new sanctions on Iran could change their plans.

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Payroll processor ADP released a report on Wednesday showing private sector employment increased by slightly less than expected in the month of May.

And the private sector added 178,000 jobs in May, a bit below expectations in a report that comes ahead of the more closely-watched U.S. jobs report on Friday. Natural gas slid 0.6 percent to $2.89 per 1,000 cubic feet.

"And you see the yield curve flattening, the two 2-10 spread to closest to the flattest to the year, and that's bad for the profitability of the banks".

Japan's Nikkei 225 stock index dropped 1.5 percent to 22,013.86.

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