How major U.S. stock indexes fared Monday

Javier Stokes
March 28, 2018

But in Wall Street it was the best day since 2015, with the Dow Jones closed 670 points higher at 24,203. Facebook, whose shares have been hard hit recently amid heightened government scrutiny into the social media giant's collection of private user data, also declined, sliding another $8.01, or 5 percent, to $152.05. The big gainers were Lowe's home fix retail stores, Microsoft and Intel.

In fact Wall Street suffered its biggest weekly drop since in more than two years, with the Dow closing in correction territory on Friday as investors weighed the possibility of a global trade war breaking out, a sell off in tech stocks, led by Facebook and Alphabet, rising USA interest rates and yet more uncertainty at the Donald Trump White House.

"The market seemed to be assuming the worst-case scenario", says Geoffrey Yu, head of the United Kingdom investment office at UBS Wealth Management.

The Standard & Poor's 500 index rose 70.29 points, or 2.7 percent, to 2,658.55. The Dow Jones Industrial Average sank 344 points, or 1.4%, to 23,859.

The DJIA was up 2.85 percent at 24,203.50 at the close Monday. The Nasdaq climbed 195 points, or 2.8 percent, to 7,188. MKM technical analyst Jonathan Krinsky notes that the percentage of Russell 3000 stocks trading above their 200-day moving average-a sign of a long-term uptrend-dropped below 60% on February 5, and since then has stayed there on all but a small number of days.

The surge in stocks came at the beginning of a holiday-shortened trading week.

On Friday, Beijing released a 3 billion dollar list of U.S. goods targeted for possible retaliation over an earlier USA tariff hike on steel and aluminium imports.

The "trade tiff" failed to dent the strong global economic outlook, Stovall said. Investors were encouraged by signs Washington and Beijing are open to negotiating on trade. That announcement followed a news report indicating that U.S. officials have submitted a list of market-opening requests.

A Treasury Department spokesperson declined to confirm the report. "The underlying strength of companies has perhaps never been better".

That didn't appear to dampen investors' resurgent optimism Monday.

"This declaration of tariffs on the president's part was his typical opening salvo into a negotiation process", said Randy Frederick, vice president of trading and derivatives at Charles Schwab.

Pacific Rim: Uprising topples Black Panther at USA box office
Cry not for the highest grossing Marvel production, folks, as it now has a running total of $631 million. It went on to earn a sizable $309.2 million overseas all-in ( China's contribution was $111.9 million).

"It looks like we might get a really good deal on NAFTA", Navarro said.

TECH WOES: Technology companies, which were big decliners last week and led Monday's market rally, racked up more losses Tuesday. The Dow shed 1,100 points in the last two trading days of last week.

Bank of America is up 4.68%.

The 10-year Treasury yield climbed to 2.83%. AngloGold Ashanti (AU) rose 5.9% and Newmont Mining (NEM) gained 3.1%.

Facebook fell another 2.2 percent after the Federal Trade Commission said it was investigating the company's privacy practices. The stock eked out a gain of 67 cents, or 0.4 percent, to $160.06.

Finish Line Inc (NASDAQ: FINL) agreed to sell itself to Europe-based JD Sports Fashion in a deal which values the company at $558 million. Microsoft rose 6.60 dollars, or 7.6%, to 93.78 dollars.

ENERGY: Benchmark U.S. crude added 25 cents to $65.80 a barrel in electronic trading on the New York Mercantile Exchange, while Brent crude, used to price global oils, gained 28 cents to $69.80. It fell 33 cents to $65.55 per barrel on Monday. Wholesale gasoline was little changed at $2.01 a gallon. Silver dropped 14 cents to $16.54 an ounce. Copper slipped 2 cents to $2.97 a pound.

CURRENCIES: The dollar rose to 105.20 yen from 104.82 yen on Friday. The euro fell to $1.2402 from $1.2455.

France's CAC 40 rose 1.0%, Germany's DAX added 1.7% and the UK's FTSE 100 was up 1.6%.

The MSCI Asia Pacific Index rose 0.5 percent, the largest advance in two weeks.

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