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Overnight Markets: Wall Street gains ahead of Trump-Kim summit

Overnight Markets: Wall Street gains ahead of Trump-Kim summit

by Himanshu Singh Jun 12, 2018 at 01:00

US stocks gained on Monday as investors awaited the hotly anticipated United States-North Korea summit Tuesday morning in Singapore.

The Dow Jones Industrial Average rose six points, or 0.02%, to 25,322. The S&P 500 added three points, or 0.11%, to 2,782. The Nasdaq Composite Index advanced 14 points, or 0.19%, to 7,660.

Investors shrugged off the G7 debacle with the US withdrawing from the summit’s joint communique and looked to the impending historic meeting between US President Donald Trump and North Korean leader Kim Jong Un.

Investors are also eyeing three of the world’s top central banks as the US Federal Reserve, the European Central Bank and the Bank of Japan prepare to meet this week.

The Fed is widely expected to raise key interest rates on Wednesday, and on Thursday the ECB is likely to indicate that it will draw down its crisis-era euro bond purchase scheme.

Of the 11 major sectors of the S&P 500, all but utilities and financials were in positive territory.

Sempra Energy gained the most on the S&P 500, up 15.5% on the news that activist investors Elliott Management Corp and Bluescape Resources Co urged a strategic review and recommended new directors for the company’s board.

Boston Scientific Corp helped boost the healthcare sector as its shares rose 9.5% amid news that rival Stryker Corp has made overtures to acquire the medical device maker.

Facebook Inc was up 1.4% after Keybanc analysts said Instagram could be the company’s primary growth driver.

UnitedHealth Group Inc added 1.5%, providing the biggest boost to the Dow.

In Asia, share markets drifted higher on Tuesday as the Trump-Kim summit began in Singapore and ahead of central bank meetings in the coming days.

Japan's Nikkei 225 added 0.58%, but was off a session high touched earlier in the morning as the Japanese currency inched off its intraday low.

Other markets in the region were little changed. South Korea's Kospi rose 0.25% after trading both above and below the flat line, and Australia's S&P/ASX 200 tacked on 0.24%.

Over in greater China markets, Hong Kong's Hang Seng Index added 0.16%, with the energy and service sectors leading gains. On the mainland, the Shanghai composite gained 0.15%.

 

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