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US markets start 2019 on muted note | US markets start 2019 on muted note |
(35 minutes later) | |
US shares rebounded from steep early losses on Wednesday, lifted in part by energy companies. | US shares rebounded from steep early losses on Wednesday, lifted in part by energy companies. |
The three leading market indexes opened down more than 1%, following reports of weaker than expected manufacturing activity in China. | The three leading market indexes opened down more than 1%, following reports of weaker than expected manufacturing activity in China. |
But the indexes later rallied. The Dow Jones and S&P 500 closed up about 0.1%, while the Nasdaq gained about 0.5%. | But the indexes later rallied. The Dow Jones and S&P 500 closed up about 0.1%, while the Nasdaq gained about 0.5%. |
European markets followed a similar path. In London, the FTSE 100 closed up about 0.1%. | European markets followed a similar path. In London, the FTSE 100 closed up about 0.1%. |
ExxonMobil and Chevron were some of the day's top gainers on the Dow, following reports suggesting Saudi Arabia was taking steps to cut oil supply. | |
London's 100 share index performance 2018 | London's 100 share index performance 2018 |
After a rough-and-tumble 2018 - which saw some of the steepest declines on global stock markets since the financial crisis - the outlook for financial markets this year is mixed. | After a rough-and-tumble 2018 - which saw some of the steepest declines on global stock markets since the financial crisis - the outlook for financial markets this year is mixed. |
Analysts expect economic slowdowns in key countries in 2019, including China and the US, fuelling investor angst. | Analysts expect economic slowdowns in key countries in 2019, including China and the US, fuelling investor angst. |
Political questions, including over Brexit and US President Donald Trump's trade battles with China and Europe, have added to those fears. | Political questions, including over Brexit and US President Donald Trump's trade battles with China and Europe, have added to those fears. |
Central banks are also shifting away from the fiscal stimulus that has kept the cost of borrowing low in the years after the financial crisis. | Central banks are also shifting away from the fiscal stimulus that has kept the cost of borrowing low in the years after the financial crisis. |
On Wednesday, the most immediate cause for concern were new figures that showed activity in China's manufacturing sector contracted in December for the first time in more than two years. | On Wednesday, the most immediate cause for concern were new figures that showed activity in China's manufacturing sector contracted in December for the first time in more than two years. |
Manufacturing activity in the US also shrank. | Manufacturing activity in the US also shrank. |
The shutdown of the US government, triggered by Mr Trump's standoff with Congress over funding for a wall along the Mexican border, has also added to concerns. | The shutdown of the US government, triggered by Mr Trump's standoff with Congress over funding for a wall along the Mexican border, has also added to concerns. |
Still some analysts have said the sell-off that hit financial markets in recent months overstates the concerns. | Still some analysts have said the sell-off that hit financial markets in recent months overstates the concerns. |
In remarks to reporters on Wednesday, Mr Trump - a frequent cheerleader for rising US stocks - suggested he shared that view, calling the recent declines a "little glitch". | |
"It's going to go up once we settle trade issues, and once a couple of other things happen," he predicted. | "It's going to go up once we settle trade issues, and once a couple of other things happen," he predicted. |
On Wednesday, the Dow gained about 18.8 points to end at 23,346.24. | |
The wider S&P 500 added about 3 points, closing at 2,510.01 while the Nasdaq climbed about 30.7 points, ending at 6,665.94. |