Markets

Facebook and Apple drive market surge in US

Facebook and Apple drive market surge in US

But, the index remains down about 6 percent from its record high on January 26.

Jobs figures for January will be released, with economists expecting the unemployment rate to remain steady at 5.5 per cent and about 15,000 jobs to have been created in the month. The S&P 500 closed at 2,698.63 for a gain of 35.69 points or 1.34%.

A Labor Department report showed US producer prices rose 0.4 percent in January, but only matched economists' estimates and likely calming fears that inflation was picking up faster than expected.

Many analysts blamed the stock market sell-off in recent weeks on rising bond yields with 10-year Treasury yields US10YT=RR at a four-year high, and soured bets that market volatility.VIX would stay low.

The data due at 8:30 a.m. ET is expected to show USA consumer prices increased solidly in January, boosted by rising gasoline and rents, but annual inflation growth is expected to have slowed to 1.9 percent, and to 1.7 percent on a core basis.




The overall economy, as measured by the gross domestic product, grew at a solid 2.6 percent annual rate in the final three months of a year ago. Bond yields jumped after the inflation data but did not reach levels that would be considered risky for equities. "That it's stabilized has helped". General Dynamics lost $2.57, or 1.2 percent, to $209.53. However, the US Central Bank tracks various personal consumption expenditures (PCE) price indexes, which has undershot the Fed's target. Separately, U.S. retail sales fell 0.3% in January, the largest drop in nearly a year, adding to concerns about the state of the economy.

JAPAN GDP: Earlier, data showed Japan's economy grew at a slower than expected 0.5 percent annual pace in the October-December quarter, the eighth straight quarter of expansion.

However, the annual pace of inflation remained unchanged and a surprise drop in United States retail sales also tempered investor nerves and saw European markets claw back to close higher.

"Given the data it seems unlikely the Fed will shy away from a rate hike in March". Three dots have been the baseline and now four seems a greater risk. Americans cut back on purchases of cars, furniture and a variety of other products in January, pushing retail sales down by 0.3 percent, the biggest decline in 11 months.

Expectations of a hefty rebound were tempered after the inflation numbers heightened the fears that the Federal Reserve would hit the accelerator pedal in terms of hiking interest rates.


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