Solid gains on Wall Street, Nasdaq punches out 124 points advance

Lola Evans
16 Sep 2021, 01:45 GMT+10

Wall Street went against the global trend on Wednesday with all stock indices making solid gains.
It was a different picture in Europe, the UK, and Asia where all the major indices were sold off.
"The main factor in that move between growth and value is COVID and the Delta variant."

NEW YORK, New York - Wall Street went against the global trend on Wednesday with all stock indices making solid gains.

It was a different picture in Europe, the UK, and Asia where all the major indices were sold off.

"The main factor in that move between growth and value is COVID and the Delta variant and its impact on the economy," Tim Ghriskey, chief investment strategist at Inverness Counsel in New York told Reuters Wednesday.

"Over time, we've seen the market focus flip flop between these two outlooks for the economy as investors try to grapple with the near-term economic outlook."

The Dow Jones jumped 236.82 points or 0.68 percent, to close Wednesday at 34,814.39.

The Nasdaq Composite gained 123.77 points or 0.82 percent to 15,161.53.

The Standard and Poor's 500 added 37.65 points or 0.85 percent to 4,480.70.

The U.S. dollar drift lower. The euro inched up to 1.1814. The British pound firmed to 1.38344, The Japanese yen jumped to 109.38. The Swiss franc little moved at 0.9196.

The Canadian dollar edged up to 1.2627. The Australian dollar was a fraction firmer at 0.7332. The New Zealand dollar drifted slightly higher to 0.7108.

In Europe, the CAC 40 in Paris dropped 1.04 percent. The Dax in Germany lost 0.68 percent.

In London, the FTSE 100 was off 0.25 percent.

On Asian markets, Hong Kong's Hang Seng was down 487.55 points or 1.91 percent at 25,014.68..

In Tokyo, the Nikkei 225 shed 158.39 points or 0.52 percent to 30,511.71.

China's Shanghai Composite declined 6.38 points or 0.17 percent to 3,656.22.

The Australian All Ordinaries fell 17.10 points or 0.22 percent to 7,723.20.