GLOBAL MARKETS-Tech rebound lifts stocks; Dudley boosts Treasury yields

Mon Jun 19, 2017 3:38pm GMT
 

* Tech, retail bounce from selloff

* Oil steadies after four-week slump

* Dollar strengthens on Dudley comments (Updates with U.S. market open, changes byline, dateline; previous LONDON)

By Chuck Mikolajczak

NEW YORK, June 19 (Reuters) - World stock markets advanced on Monday as technology and retail stocks rebounded from recent declines and U.S. Treasury yields rose in the wake of hawkish comments from a Federal Reserve official.

The tech sector, up 1.4 percent, pushed equity indexes on Wall Street higher, with the Dow and S&P 500 hitting intraday records. The group had fallen 3.4 percent over the past two weeks.

"Some of it is folks taking a second look at names that may have been unduly punished in the rotation out of tech that started about ten days ago," said David Lefkowitz, senior equity strategist at UBS Wealth Management Americas in New York.

"Which makes sense; there has been no change in the fundamentals for the tech sector."

Retailers in Europe, up 0.8 percent, and the U.S. , up 0.7 percent, recouped some losses suffered in the wake of news on Friday of Amazon's $13.7 billion deal to buy upscale grocer Whole Foods Market.   Continued...

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