AU Morning Wrap: Wall Street extends rally; ASX opens higher

Moomoo News AU wrote a column · Mar 18, 2022 07:16

G'day, mooers! Check out the latest news on today's stock market !
• US stocks climb for a third day
• Australia shares open higher on Friday; ASX 200 up 0.21 per cent
• Stocks to watch: QBE, Star Entertainment
- moomoo News AU

Wall Street Summary
US stocks rise, continuing a big rally that's seeing the major stock indexes up 4% or more so far this week. Weekly jobless claims fall to 214,000, in line with expectations.

The $S&P 500 Index (.SPX.US)$ was up 0.5% in afternoon trading, after the broad-market index closed more than 2% higher in each of the past two sessions. The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ Index was up 0.4%. The $Dow Jones Industrial Average (.DJI.US)$ rose 0.5%, or 165 points.

AU Market Watch
Australia's $S&P/ASX 200 (.XJO.AU)$ is on track to open higher amid a strong lead from US equities, potentially putting it on course for its strongest trading week since February 2021. ASX futures are up by 0.5%, suggesting the benchmark will add to its 2.7% gain so far this week. Tech and financial stocks have led the ASX 200 higher this week, the latter gaining amid increasing investor conviction that the Reserve Bank of Australia will raise interest rates this year.

Australia shares opened higher this morning. The $S&P/ASX 200 (.XJO.AU)$ gained 0.21 per cent to 7266 as of 10:16 am.

Stocks to Watch
Insurance giant $QBE Insurance Group Ltd (QBE.AU)$ has announced a board reshuffle, including the resignation of John Green and Stephen Fitzgerald and appointment of Yasmin Allen.

$The Star Entertainment Group Ltd (SGR.AU)$ disguised $900 million worth of Chinese debit card gambling transactions as hotel expenses and then lied to banks in an attempt to conceal the massive fraud. It may struggle to keep casino licence after shocking evidence.

Ex-dividend Companies: $CAR Group Ltd (CAR.AU)$, $HUB24 Ltd (HUB.AU)$
Dividends Paid: $IGO Ltd (IGO.AU)$, $IRESS Ltd (IRE.AU)$, $Appen Ltd (APX.AU)$, $Estia Health Ltd (EHE.AU)$, $Platinum Asset Management Ltd (PTM.AU)$

Commodities
• Iron rose for a second session as buyers were encouraged by falling inventories at Chinese ports.

• Oil prices bounced back above US$100 a barrel as geopolitical tensions remain high.

• Gold rose as flattening yield curve flags growth concerns, helping drive some positive flow towards safe-haven assets.

Source: Dow Jones Newswires, Market Index

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