Early Wall Street rally fizzles as stocks end lower

Saturday, 20 Jan, 2018

The Standard & Poor's 500 index rose 9 points, or 0.3 percent, to 2,795 as of 11:33am Eastern Time.

The bronze sculpture of a bull that stands near the New York Stock Exchange serves as a symbol of Wall Street's power perhaps this year more than ever.

Markets were supported by signs that U.S lawmakers could pass a stopgap measure to fund the government into February, and as the Federal Reserve's Beige Book showed the economy is continuing to expand with modest to moderate growth in most regions.

Wall Street surged on Wednesday, with markets hitting new record highs as they shook off the weakness from a day earlier.

Volume on USA exchanges was 8.30 billion shares, compared to the 6.48 billion average over the last 20 trading days.

The Dow, which rallied 25.1% previous year, has continued its surge at the start of 2018 amid rising optimism that tax cuts will lift corporate earnings and the economy. Hong Kong's Hang Seng rebounded from earlier losses to gain 0.3 percent, closing at 31,983.41 while the Shanghai Composite index added 0.2 percent to 3,444.67.44.

CORPORATE NEWS: Shares in Airbus rose 2.6 percent after the planemaker struck a deal to sell more of its A380 superjumbo jets to Emirates airlines.

But the Dow finished essentially flat on Tuesday at 25,792.86, while the broader S&P 500 fell 0.4 per cent to 2,776.42.

Citigroup Inc rose 1.13 percent after the lender reported a profit that topped expectations as strength in consumer businesses made up for lower revenue from bond and currency trading. Marathon Patent, Riot BlockChain, Xunlei and Overstock.com fell between 7.7 percent and 11 percent.

General Electric fell about 4 percent after raising the prospect of breaking itself up and announced more than $11 billion in charges from its long-term care insurance portfolio and new US tax laws.

The Stoxx Europe 600 climbed 0.1 percent.

The energy sector fell 1.2 percent as Brent crude oil shed some of its recent gains, falling almost $1 per barrel.

Bank of America reported adjusted Oct-Dec earnings that surpassed analyst estimates.

Bitcoin futures on the Cboe Futures Exchange were down 12.1 percent to $12,130. The stock declined $4.81, or 1.9 percent, to $253.65.

The euro was little changed at $1.2268.

Benchmark West Texas Intermediate crude fell more than a dollar in NY to settle at US$63.73 per barrel.

The dollar rose to 111.13 yen from 110.30 yen on Wednesday.