USA stocks jump as worries about Italy ease; oil prices climb

USA stocks jump as worries about Italy ease; oil prices climb

The S&P 500 and the Dow Jones Industrial Average registered their biggest one-day percentage drops in a month on Tuesday as political turmoil in Italy sparked concerns about the stability of the euro zone and shares of US banks tumbled.

At 13:48 pm. EDT the Dow Jones Industrial Average .DJI was down 406.82 points, or 1.64 percent, at 24,346.27, the S&P 500 .SPX was down 34.69 points, or 1.27 percent, at 2,686.64 and the Nasdaq Composite .IXIC was down 46.84 points, or 0.63 percent, at 7,387.02.

At one point the Dow was down more than 500 points.

Clothing company Chico's FAS plunged 23 percent to $7.69 after its profit fell short of expectations and shoe retailer DSW gave up some of its gains from earlier in the year as it lost 10.4 percent to $23.35.

Wall Street has seen a surge in volatility since the start of February, driven by President Trump's trade attacks on China and concerns over North Korea.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.84 percent from 2.79 percent.

Still, Pinto's comments pushed JP Morgan shares 4.6 percent lower, their biggest fall since the February sell-off and other major banks followed, pushing the S&P banking index down xx percent.

Australian shares fell notably amid broad-based selling as investors rushed to safe-haven assets such as U.S. Treasuries.

ENERGY: U.S. crude oil fell 27 cents to $66.46 per barrel in electronic trading on the New York Mercantile Exchange.

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"The uncertainty over our position in the euro alarmed Italian and foreign investors", Mattarella said.

The DAX 30 index in German was down 1.53 per cent, and France's CAC 40 index fell 1.29 per cent.

On the currency front, the US dollar is trading at 108.82 yen compared to the 108.77 yen it fetched at the close of NY trading on Tuesday.

World stocks.MIWD00000PUS gained 0.38 percent, and European shares made tentative gains after falling nearly 4 percent in the past five days.

Automakers Toyota, Honda Motor and Nissan Motor as well as banks Mitsubishi UFJ Financial and Sumitomo Mitsui Financial lost 2-3 percent. The events have evoked memories of the 2011-2012 euro debt crisis, with potentially huge implications for the single currency. Its first-quarter report was better than expected thanks in part to strong online sales.

The Russell 2000 index hit an all-time high as small-cap stocks like Movado Group Inc (NYSE:MOV) soared.

In economic releases, Germany's jobless rate dropped to adjusted 3.4 percent in April from 3.5 percent in March, figures from Destatis revealed. The Hang Seng in Hong Kong slipped 1.4 percent. Australia's S&P/ASX 200 added 0.2 percent to 6,013.60.

The U.S. private sector added 178,000 jobs in May, missing the market consensus of 190,000, according to the National Employment Report released by the ADP Research Institute on Wednesday.

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