US open: Wall Street opens firmer as tech stocks pull indices higher
By Iain Gilbert
Date: Friday 23 Feb 2018
(ShareCast News) - Wall Street trading kicked off with all major indices opening firmer on Friday following on from highs seen at the end of the previous session, with another round of Fedspeak very much in focus.
At 1500 GMT, the Dow Jones Industrial Average and Nasdaq had moved up 0.65% and 0.66% respectively, while the S&P 500 grew 0.61% firmer, helped in part by a pullback in bond yields as the key US 10-year Treasury note dropped below 2.9%.
David Morrison, senior market strategist at GKFX, said: "Despite these gains, the only thing which anyone can say with certainty is that the jury's still out when it comes to predicting the next big move for US stock indices."
Morrison pointed out that so far this week all major indices had failed to break conclusively to the up or downside, reflecting uncertainty amongst investors.
Strategists at Bank of America-Merrill Lynch were of a similar view, pointing out that the previous week's $13.2bn of inflows into equities, reflecting a higher growth/higher rates backdrop, had not been reflected in other flows.
"[...] inflows to deflationary winners of tech, IG bonds, EM bonds/equities continues.
"Recent 5 months of lower US dollar & higher US bond yields rare (
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