Stocks Bounce Back After Lower Open
U.S. stocks climbed back up to near breakeven
levels after opening lower on news of the Shanghai Composite’s
6.5% drop. Blue chip leaders today include Caterpillar and Boeing
with gains of 2.3% and 1.2% respectively.
June crude futures are higher by 0.5%
to $63.34 per barrel in
early trading. Gold
futures for August are down 0.5% to $659.00 an ounce.
Around Asia, Shanghai’s Composite
index sold off by 6.5% to 4,053.09 after the government raised a
tax on stock trades in an effort to cool the booming stock market.
Tokyo’s Nikkei followed to the downside by 0.5% to 17,588.26 and
Hong Kong’s Hang Seng Index slid 0.9% to 20,293.76.
Today’s
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weakest looking sectors are currently Computer Software, Drugs,
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Gaps Down 5% or More,
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com