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Wall Street posts sharp gains

Tuesday, March 28, 2017 - 01:31

The Dow snapped its eight day losing streak. As Fred Katayama reports, strong consumer data fueled shares.

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The Dow snapped its eight-day losing streak Tuesday. Financials and Apple helping lift the blue chips. Investors also got positive economic news. Home prices sped up at a faster pace than expected in January. And the Conference Board reports consumer confidence rose this month to its highest level since December 2000. David Schiegoleit of U.S. Bank's private client reserve. SOUNDBITE: DAVID SCHIEGOLEIT, MANAGING DIRECTOR, PRIVATE CLIENT RESERVE, U.S. BANK (ENGLISH) SAYING: "The impetus I think is in the fact there is renewed hope for something out of Washington regarding a tax plan even though the healthcare bill seemed to fail. The market is shifting focus towards some regulatory reform, Trump's executive order that has cleared the way for some things in the energy sector." Amazon.com is buying the largest Middle East online retailer, Souq.com. Separately, it launched an grocery service that allows U.S. shoppers to order online, drive to a pick-up location, then have groceries brought to their car. Tesla shares zoomed higher. The Chinese tech giant Tencent bought a 5 percent stake in the electric car maker for $1.8 billion. GM shares also rising. Activist investor David Einhorn's Greenlight Capital urged the automaker to split its stock into two classes to help boost the stock's value. In Europe, strong corporate earnings and auto stocks lifted shares. The German DAX closed at its highest level since April 2015.

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Wall Street posts sharp gains

Tuesday, March 28, 2017 - 01:31