MARKETS

Wall Street opens higher, eyeing end to sell-off

An investor walks in front of private stock trading boards at a private stock market gallery in Kuala Lumpur, Malaysia, Monday, Oct. 29, 2018. (AP)

Wall Street opened higher on Tuesday as equities struggled to slow this month’s painful sell-off.

About 25 minutes into the trading day, the benchmark Dow Jones Industrial Average, which in recent days has wiped all gains for 2018, rose 0.7 percent to 24,622.86.

The broader S&P 500 added 0.9 percent to 2,664.03, while the tech-heavy Nasdaq also gained 0.9 percent at 7,109.45.

Patrick O’Hare of Briefing.com said investors lacked confidence that any rebound would last and markets were likely to be swayed by the earnings performance of key sectors, such as information technology, financial services and industrials.

“All anyone can do is wait and see what the price action reveals and which sectors are part of the pricing action that swings trading sentiment,” he wrote.

Pharmaceutical giant Pfizer fell 0.5 percent after beating Wall Street earnings expectations but falling short on revenues.

Coca-Cola was up 0.5 percent following a jump in third-quarter profits on stronger drinks sales in North America.

And troubled General Electric gained 0.9 percent after reporting a third-quarter loss of nearly $23 billion after a broad asset write-down -- something the company said had drawn the scrutiny from federal authorities.

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Last Update: Tuesday, 30 October 2018 KSA 18:13 - GMT 15:13
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