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    07.07.2016 05:16 Global Stocks

    07.07.2016 05:16

     

    European stocks moved sharply lower again Tuesday, as concerns over the U.K.'s Brexit vote gripped the market after three London asset manages suspended trading in a property funds.

    A more than 4% slide in oil prices further hurt the investment mood.

    U.S. stocks shook off worries tied to the U.K.'s vote late last month to exit the European Union, dubbed Brexit, and closed higher Wednesday.

    A stronger-than-expected report on nonmanufacturing activity helped nudge investors back into equities, while minutes from the Federal Reserve's June policy meeting showed the majority of policy makers were in favor of keeping rates on hold.

    Some analysts attributed gains in the aftermath of Brexit to investors' strategy of buying stocks when the market dips, which tends to lead to up-and-down trading.

    The S&P 500 index SPX, 0.54% rose 11.18 points, or 0.5%, to finish at 2,099.73. The health-care and consumer discretionary sectors led gains, while sectors considered defensive, such as telecoms and utilities, declined. The Dow Jones Industrial Average DJIA, 0.44% gained 78 points, or 0.4%, to finish at 17,918.62.

    Asian share markets crept higher on Thursday after upbeat U.S. economic data took some of the sting out of the latest Brexit scare, while the Australian dollar slipped as the country's triple A credit rating came under threat.

    The agency had warned it may act after inconclusive elections over the weekend suggested the next government would have a hard time getting reforms through to law.

    Elsewhere in Asia, the mood was one of relief that Brexit fears had faded for the moment. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.8 percent.

     

    Japanese shares were restrained by a strong yen and the Nikkei .N225 dipped 0.3 percent.


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