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Stocks open higher, clawing back a piece of last week’s drop

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Stocks open higher, clawing back a piece of last week’s drop
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NEW York (AP) — Wall Street is opening generally higher Tuesday as they try to regain some ground lost during their worst week since the start of the pandemic. The S&P 500 was up 2%. The benchmark index is still down 22% from the record high it set in January. Tech-heavy Nasdaq rose 2.3%, while the Dow Jones Industrial Average rose 1.5%. Kellogg saw a 4.3% increase after Frosted Flakes maker and Rice Krispies announced that it will split into three businesses. European markets also saw higher prices overnight, while Asian markets closed mixed. The yield on the 10-year Treasury rose to 3.30%.


A man wearing a face mask walks past a bank's electronic board showing the Hong Kong share index in Hong Kong, Tuesday, June 21, 2022. Asian stocks rebounded Tuesday as Wall Street futures moved higher while U.S. markets were closed for a holiday. (AP Photo/Kin Cheung)

A man wearing a face mask walks past a bank’s electronic board showing the Hong Kong share index in Hong Kong, Tuesday, June 21, 2022. Wall Street futures rose Tuesday, while the U.S. markets closed. Asian shares rebounded on Tuesday. (AP Photo/Kin Cheung)

NEW York (AP) — Wall Street is opening generally higher Tuesday as they try to regain some ground lost during their worst week since the start of the pandemic. The S&P 500 was up 2%. The benchmark index is still down 22% from the record high it set in January. Tech-heavy Nasdaq rose 2.3%, while the Dow Jones Industrial Average rose 1.5%. Kellogg saw a 4.3% increase after Frosted Flakes maker and Rice Krispies announced that it will split into three businesses. European markets also saw higher prices overnight, while Asian markets closed mixed. The yield on the 10-year Treasury rose to 3.30%.

THIS AN EXCELLENT NEWS UPDATE. Below is the original story by AP.

NEW York (AP) — The U.S. stock markets opened sharply higher on Tuesday, after an American market holiday allowed investors to take in another terrible week.

Futures for Wall Street’s benchmark S&P 500 index were up 1.3% after being up as much as 2% as U.S. markets prepared to reopen following a three-day weekend. The Dow Jones Industrial Average futures rose 1.5%.

London opened higher. Tokyo, Hong Kong, Sydney and Melbourne gained respectively while Shanghai fell. Oil prices climbed above $110 per barrel.

” The modest equity market recovery in Asia continues, due to U.S. futures grinding higher,” Jeffrey Halley from Oanda stated in a report.

In midday trading, the FTSE 100 in London advanced 0.6%, as did the DAX in Frankfurt. The CAC 40 in Paris was 1.2% higher.

In Asia, the Nikkei 225 in Tokyo added 1.8% to 26,246. 31 while the Shanghai Composite Index lost 0.3% to 3,306.72. Hong Kong’s Hang Seng advanced 1.9% to 21,559.59.

The Kospi in Seoul was 0.7% higher at 2,408. 93 and Sydney’s S&P-ASX 200 rose 1.4% to 6,523.80.

India’s Sensex opened up 1.9% at 52,569.30. New Zealand’s and Southeast Asian markets saw gains.

There are concerns that efforts to curb inflation by the U.S. central bank and European central bank might slow global economic growth. Inflation is at an all-time high of four decades.

Japan, China and China are two of the world’s largest economies. They have opted not to join in on rate increases. China’s central banks left their benchmark rates unaffected on Monday. Despite concerns that the weakening of the yen could be a problem, Bank of Japan maintained its near-zero policy of interest rates last week.

On Friday, the S&P rose 0.2% but ended the week down 5.8% for its tenth drop in 11 weeks. This was the largest weekly drop since March 2020, the beginning of the global pandemic.

The Dow dropped 0.1%, while the Nasdaq Composite gained 1.4%.

The S&P 500 has fallen by more than 20% from its Jan. 3 peak, putting it in what traders call a bear market.

Investors will be looking for clues about Fed plans to increase rates when Jerome Powell addresses Congress this week.

In energy markets, benchmark U.S. crude jumped $1. 88 to $111. 44 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude oil, which is the international standard price for oil trading, increased $1. 54 to $115. 67 per barrel in London.

Shares in Kellogg rose more than 77% premarket, after Eggo, the manufacturer of Frosted Flakes and Rice Krispies, announced that it would split into three businesses, each focusing on cereals and snacks.

The dollar rose to 136. 30 yen from Monday’s 135 yen. Euro gained $1. 0554 from $1.0491.

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