GLOBAL MARKETS-Stocks gain as risk appetite returns; oil rebounds

GLOBAL MARKETS-Stocks gain as risk appetite returns; oil rebounds
From Reuters - December 7, 2017

NEW YORK (Reuters) - A gauge of global stocks gained on Thursday, led by Wall Street, and the U.S. dollar touched a two-week high before pulling back as risk appetite returned and investors braced for developments with U.S. policy and for a key U.S. jobs report due on Friday.

Major U.S. equity indexes were solidly higher, while oil prices rebounded a day after hitting two-week lows.

A U.S. tax bill moving swiftly through Congress has influenced markets in the past month, with investors hoping that deep cuts to corporate tax rates will help further drive the record-setting run in equities.

U.S. Senate Republicans agreed to talks with the House of Representatives on sweeping tax legislation on Wednesday, amid early signs that lawmakers could bridge their differences and agree on a final bill ahead of a self-imposed Dec. 22 deadline.

Obviously, we have had a very strong run in the markets here in the U.S. in the past year and I think they are probably looking at tax policy as a key to continuing that, said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.

Investors were also wary of U.S. negotiations over a spending package.

U.S. President Donald Trump will face off with Democratic leaders of Congress on Thursday in a meeting intended to bridge differences over a spending bill and prevent a government shutdown.

The Dow Jones Industrial Average .DJI rose 84.63 points, or 0.35 percent, to 24,225.54, the S&P 500 .SPX gained 8.21 points, or 0.31 percent, to 2,637.48 and the Nasdaq Composite .IXIC added 34.82 points, or 0.51 percent, to 6,811.20.

The pan-European FTSEurofirst 300 index .FTEU3 lost 0.01 percent.

Technology stocks gained in the United States .SPLRCT and Europe .SX8P after the high-flying sector had retreated in recent days.


Continue reading at Reuters »