Tue, 28 Sep 2021

NEW YORK, New York - Wall Street bounded ahead on Tuesday with solid gains being recorded by all the major indices.

"We've been dealing with a tug of war between what has been a very strong economic recovery consistent with the reopening and that's playing out through corporate earnings," Bill Northey, senior investment director at U.S. Bank Wealth Management in Minneapolis told Reuters Thomson Tuesday.

Investors' enthusiasm refused to be dimmed by surging COVID-19 Delta variant cases, nor by geopolitical concerns in the Gulf where a ship or ships are potentially being hijacked off the coast of Fujairah in the UAE - by Iranian-backed militia, or a party or parties seeking to create an incident for which the Iranians could be blamed. Tehran has denied any responsibility and has rejected earlier reports that one of its drones attacked an Israeli tanker off the coast of Oman.

At the close of trading on Tuesday the Dow Jones industrials were 278.24 points or 0.80 percent higher, at 35,116.40.

The Standard and Poor's 500 gained 36.00 points or 0.82 percent to 4,423.16.

The Nasdaq Composite advanced 80.23 points or 0.55 percent to 14,761.29.

The U.S. dollar was quiet and steady. The euro softened to 1.1864 approaching the New York close Tuesday. The British pound was a fraction weaker at 1.3917. The Japanese yen firmed up a tad to 109.06. The Swiss franc hardened to 0.9041.

The Canadian dollar eased to 1.2535. The Australian dollar dipped to 0.7394. The New Zealand dollar was well bid at 0.7014.

Overseas, equity markets were not as buoyant. In Paris, the CAC 40 however managed a 0.72 percent rise. The Dax in Germany declined 0.08 percent. The FTSE 100 in London rose 0.34 percent.

On Asian markets, in China, the Shanghai Composite dropped 16.29 points or 0.47 percent to 3,447.99.

The Australian All Ordinaries fell 10.00 points or 0.13 percent to 7,750.50.

Tokyo's Nikkei 225 declined 139.19 points or 0.50 percent to 27,641.83.

In Hong Kong, the Hang Seng slid 40.98 points or 0.16 percent to 26,194.82.

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