Global stocks higher after Wall St retreats from record

Thursday, April 15, 2021 | Joe Mcdonald, AP Business Writer

A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room in Seoul, South Korea, Thursday, April 15, 2021. Asian stock markets were mixed Thursday after Wall Street retreated from a record high as major banks reported strong profits at the start of U.S. earnings season. (AP Photo/Lee Jin-man)

BEIJING (AP) — Major global stock markets were mostly higher Thursday after Wall Street retreated from a record high as major U.S. banks reported strong profits.

London and Frankfurt opened higher while Tokyo also advanced. Shanghai and Hong Kong declined.

Wall Street futures were higher after the benchmark S&P 500 index on Wednesday closed 0.4% below the previous day's record.

Goldman Sachs, JPMorgan Chase and Wells Fargo announced quarterly earnings that beat forecasts. Much of the surge was due to strong trading revenue and expectations for better economic performance, which allowed banks to free up reserves held against the possibility loans might go bad.

The results showed “investment banking and trading are strong and that the party will go on for a couple more quarters,” said Edward Moya of Oanda in a report.

In early trading, the FTSE 100 in London rose 0.4% to 6,970.02. The DAX in Frankfurt added 0.3% to 15,257.13 and the CAC 40 in Paris advanced 0.2% to 6,222.15.

On Wall Street, futures for the S&P 500 and the Dow Jones Industrial Average were 0.4% higher.

On Wednesday, the Dow rose 0.2% while the Nasdaq composite dropped 1%. Apple and Amazon declined, but the majority of stocks in the S&P 500 rose.

In Asia, the Shanghai Composite Index lost 0.5% to 3,398.99 while the Hang Seng in Hong Kong declined 0.4% to 28,793.14.

The Nikkei 225 in Tokyo gained less than 0.1% to 29,642.69 and the Kospi in Seoul added 0.4% to 3,194.33.

The S&P-ASX 200 in Sydney was up 0.5% at 7,065.10 while India's Sensex lost less than 0.1% to 48,535.98.

Jakarta declined after the government reported March exports surged 30.5% over a year earlier. New Zealand also fell while Singapore advanced.

Also Wednesday, Coinbase Global, an exchange for bitcoin and other digital currencies, closed at $328.28 per share on its first trading day after surging to $430 from an opening price of $381. At that price, investors say the company is worth more than $85 billion, more valuable than Nasdaq or Intercontinental Exchange, the owner of the New York Stock Exchange.

Investor expectations are high as other companies prepare to report quarterly profits.

Goldman Sachs rallied 2.3%, but JPMorgan Chase fell 1.9%. Wells Fargo jumped 5.5%, but only after swerving from an early-morning loss.

Also Wednesday, Federal Reserve Chairman Jerome Powell said again the U.S. central bank will wait to raise interest rates until the job market has healed and inflation is on track to stay above 2%.

In energy markets, benchmark U.S. crude lost 24 cents to $62.91 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.97 on Wednesday to $63.15. Brent crude, used to price international oils, shed 24 cents to $66.34 per barrel in London. It gained $2.91 the previous session to $66.58.

The dollar edged down to 108.77 yen from Wednesday's 108.94 yen. The euro rose to $1.1984 from $1.1970.

Featured Article: Accumulation/Distribution

7 Cloud Computing Stocks to Lift Your Portfolio to New Heights

Cloud computing sounds complicated, and it has become more sophisticated as it evolves. However, the basic idea behind the cloud is the same. The “cloud” is a euphemistic term for the delivery of different services via the internet. In its early days, the cloud was used exclusively for data storage. Here’s an easy example of why this was important.

Back when the internet was cutting its teeth, I worked in marketing communications. The need to comply with Total Quality Control Systems (TQCS) for our largest clients meant we had to save every version of our files. Every. Single. One. Now imagine that you’re producing a 120-page product catalog complete with photos and charts. Your hard drive is burning up just thinking about it. Yet that “data” had to be stored somewhere. And so we had a virtual server farm to try to warehouse all these graphic intensive (and memory sucking) files until we could archive them.

Other than the storage nightmare, consider that it was a pain to work remotely. You could copy a file from the server, but then were you working on the right file? I’m sure at least one person is reading this who remembers this pain.

The cloud takes that away. Cloud computing allows you to store files on a secure, remote server that everyone can access anywhere they have an internet connection. But it’s become so much more than that. Cloud computing now gives businesses a platform from which they can create applications and software. If that sounds confusing, I hope to simplify it in this presentation. To help you understand which cloud computing stocks, you may want to add to your portfolio, and we’ve created this special presentation. These are seven of the cloud computing stocks that will continue to grow with the sector.

View the "7 Cloud Computing Stocks to Lift Your Portfolio to New Heights".

Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
The Goldman Sachs Group (GS)2.2$370.89flat1.35%15.62Buy$358.19
JPMorgan Chase & Co. (JPM)2.5$161.24flat2.23%21.08Buy$147.99
Wells Fargo & Company (WFC)2.0$46.54flat0.86%125.78Buy$40.45
Compare These Stocks  Add These Stocks to My Watchlist 

MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more.

MarketBeat is accredited by the Better Business Bureau

© American Consumer News, LLC dba MarketBeat® 2010-2021. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | U.S. Based Support Team at [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security. Learn more.

Our Accessibility Statement | Terms of Service | Do Not Sell My Information

© 2021 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer. Fundamental company data provided by Zacks Investment Research. As a bonus to opt-ing into our email newsletters, you will also get a free subscription to the Liberty Through Wealth e-newsletter. You can opt out at any time.