Wall Street opens higher as recession fears loom

Thursday, 17. October 2019 15:30

Equities in the United States kicked off the trading session on Thursday in the green, as indicated by premarket trade earlier in the day. However, frail economic performance seemed to continue fueling fears of a possible recession, after yesterday’s unexpectedly weak retail sales figures and today’s Federal Reserve’s report on the US industrial production, which pointed to a decline.

Meanwhile in Europe, the United Kingdom and the European Union moved a step closer to defining their post-Brexit relationship as they announced they had sealed the long-awaited withdrawal agreement. The next stage in the process will be to obtain approval from UK lawmakers’ who will debate the draft agreement this Saturday.

The Dow Jones Industrial Average jumped 0.19% at the open. Disney helped the blue-chip index's rise, jumping 1.31%. The Nasdaq 100 rose 0.71% shortly after the opening bell. The tech-heavy index was pulled up thanks to Netflix soaring 7.68% after the company revealed yesterday that the number of its subscribers more than doubled in the previous three-month period. Meanwhile, the S&P 500 traded 0.45% in the green as Dover Corp surged 7.20%, followed closely by Netflix.

The euro added 0.47% against the US dollar at 9:30 am ET, to go for 1.11232, while the British pound traded flat against the American currency, changing hands for 1.28319 at the same time.

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Breaking the News / GG