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US English

US mid-day: February rally goes on as bank stocks bounce

By Joseph Toppe

16:24, 9 February 2022

Bull
Aviation, ride-share and bank stocks are all higher mid-day - Photo: Unsplash

US stocks are moving up mid-day on Wednesday as the Dow adds nearly 300 points.

Halfway through the session, the Dow Jones Industrial Average (US30) was up approximately 291 points, or 0.82%, the S&P 500 was up around 1.14%, while the Nasdaq Composite (US100) was roughly 1.42% higher.

During trading on Tuesday, the Dow jumped 1.06%, the S&P went up 0.84%, and the Nasdaq popped 1.28%.

Winners & losers: Aviation flies

In banking, shares of JPMorgan are up approximately 0.63%, Goldman Sachs is up around 1.46%, while Bank of America is almost 0.70% in green territory.

Ride-sharing apps are also higher on Wednesday as Alibaba popped roughly 3.03%, Lyft went up around 3.45%, and Uber jumped near 4.25%.

In travel stock, shares of American Airlines are up near 2.41%, Delta Airlines is up around 2.24%, Southwest Airlines is roughly 1.06% in the green and United Airlines is almost 2.71% higher.

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Oil: Crude retreats

Oil futures are down on Wednesday as West Texas Intermediate crude for March delivery slipped 33 cents, or 0.4%, to $89.03 a barrel on the New York Mercantile Exchange, and April Brent crude lost 14 cents, or 0.2%, to $90.64 a barrel on ICE Futures Europe.

US500

5,690.30 Price
-0.540% 1D Chg, %
Long position overnight fee -0.0255%
Short position overnight fee 0.0032%
Overnight fee time 21:00 (UTC)
Spread 0.4

J225

38,462.00 Price
-0.620% 1D Chg, %
Long position overnight fee -0.0117%
Short position overnight fee -0.0106%
Overnight fee time 21:00 (UTC)
Spread 10.0

HK50

22,012.10 Price
-1.820% 1D Chg, %
Long position overnight fee -0.0229%
Short position overnight fee 0.0009%
Overnight fee time 21:00 (UTC)
Spread 5.0

US30

41,938.00 Price
-0.770% 1D Chg, %
Long position overnight fee -0.0255%
Short position overnight fee 0.0032%
Overnight fee time 21:00 (UTC)
Spread 2.0

In the energy sector, shares of Diamondback Energy are near 3.68% higher, Chevron is up approximately 0.73%, while ConocoPhillips is up around 2.07%, and Hess is roughly 0.60% in the green.

Gold: Moves up

Gold futures are up midweek as April gold added $2, or 0.1%, to $1,829.90 an ounce, while March silver lost seven cents, or 0.3%, at $23.13 an ounce.

Crypto: Bitcoin down

Prominent cryptocurrencies are mostly higher on Wednesday while bitcoin is down 1.02%, ethereum is up 1.94%, and litecoin and monero jump 3.71%, and 3.29% into the green respectively.

In other digital assets, bitcoin cash is up 2.88% and dogecoin is 0.93% higher.

Treasury: 10-year down

The yield on the benchmark 10-year Treasury note went down to 1.940% Wednesday from 1.954% Tuesday, its highest mark since July 2019.

On Wednesday, the US dollar remains $0.88 of the euro, $0.74 of the British pound sterling and $1.27 of the Canadian dollar.

Markets in this article

BABA
Alibaba Group Holding Limited (Extended Hours)
113.39 USD
-1.78 -1.550%
BAC
Bank of America Corp (Extended Hours)
39.21 USD
-0.22 -0.560%
BAC
Bank of America Corp (Extended Hours)
39.21 USD
-0.22 -0.560%

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Related reading

The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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