Dow Jones rises 669 points as trade war fears subside

28 March, 2018, 01:39 | Author: Salvatore Jensen
  • Dow Jones rises 669 points as trade war fears subside

The broad gains Monday were led by technology stocks and banks, which took some of the biggest losses last week as trade tensions flared between the US and China.

CHINA FACTOR: The fears of worsening trade tensions eased after China's government said it is open to negotiating with Washington. Earlier in the session, the Dow rose 243 points, while the S&P 500 and Nasdaq also traded higher. They lost more than 1,400 points last week. The S&P 500 clocked in a 1.7 percent loss.

MARKETS OVERSEAS: In Europe, Germany's DAX rose 1.7 percent, while France's CAC 40 gained 1.2 percent.

The S&P 500 climbed 70 points, or 2.7 per cent, to 2,658. Yields move opposite to prices. Bank of America added $1.27, or 4.4 percent, to $30.44. Stocks wavered through much of the morning, recovered somewhat by early afternoon, but then veered sharply lower as investors sold shares in Nvidia, Twitter, Facebook and other technology companies.

The Wall Street Journal reported late Sunday that the United States and China started quietly negotiating to expand U.S. companies' access to Chinese markets. PG&E gained $1.07, or 2.5 percent, to $43.94. The Nasdaq climbed 227 points, or 3.3 per cent, to 7,220. The Federal Trade Commission on Monday announced it is investigating the company after reports that Cambridge Analytica abused the information of 50 million users.

US markets fell swiftly earlier this year when he imposed steep tariffs on steel and aluminum imports.

Benchmark U.S. crude fell 33 cents to settle at $65.55 per barrel on the New York Mercantile Exchange. Wholesale gasoline was little changed at $2.01 a gallon.

Gold futures for April delivery gave back $13, or 1%, to close at $1,342 an ounce, snapping a four-day winning streak and pulling back from multi-week highs.

It also weakened considerably against the British pound (-0.4pc), euro (-0.6pc), Japanese yen (-0.9pc) and New Zealand dollar (-0.4pc).

In local currency terms, the UK's FTSE 100 remains the worst performing European index year-to-date, down 10.4%. The stock eked out a gain of 67 cents, or 0.4 percent, to $160.06. In Asia, Tokyo's Nikkei 225 added 0.7 percent, while Hong Kong's Hang Seng rose 0.7 percent. Seoul's Kospi gained 0.8 percent. Australia's S&P/ASX 200 added 0.7 percent.



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