Dow Jones rises 669 points as trade war fears subside

Dow Jones rises 669 points as trade war fears subside

Troy Powers
March 28, 2018

The Nasdaq Composite Index shed 212 points to 7,009, a decline of 2.9%.

The Dow rose 669 points, or 2.8 percent, to 24,202. Nvidia fell more than any other stock in the S&P 500, tumbling $22.28, or 9.1 percent, to $222.20. Japan's Nikkei 225 Index surged up by 2.7 percent, while Hong Kong's Hang Seng Index advanced by 0.8 percent. The Russell 2000 index of smaller-company stocks picked up 12 points, or 0.9 per cent, to 1,522.

After initially moving notably higher, stocks gave back some ground in morning trading on Monday before moving back to the upside in the afternoon.

Another weak start later today for the ASX after Friday saw the second day of selling on financial and commodity markets (but not gold and oil) by anxious investors.

China also hit back on Trump's earlier aluminum and steel tariffs by imposing their own tariffs on about $3 billion worth of imports of United States goods, including pork, fruit and wine.

The "trade tiff" failed to dent the strong global economic outlook, Stovall said. That announcement followed a news report indicating that USA officials have submitted a list of market-opening requests.

A Treasury Department spokesperson declined to confirm the report. Trade war jitters were stoked last week when U.S. President Donald Trump announced plans to impose tariffs on up to $60 billion of Chinese products. It said American market-opening requests as a possible condition of a settlement covered the auto, finance and semiconductor industries.

Technology companies and banks, which took some of the biggest losses last week, were up the most.

Microsoft jumped 5.6 percent in midday trading and Bank of America rose 2.8 percent. Banks also posted solid gains as bond yields rose. However, at the start of the new week the tensions calmed and Dow Jones recovered most of the loses accumulated last days and return to growth. Natural gas added 3 cents to $2.62 per 1,000 cubic feet. AngloGold Ashanti (AU) rose 5.9% and Newmont Mining (NEM) gained 3.1%.

Ear-piercing, jewelry store giant Claire's files for bankruptcy
It also expects to add more than 4,000 stores in 2018, as Claire's continues to be one of the world's leading ear-piercing chains. It held $2.1 billion in debt at the end of 2017. "We will complete this process as a healthier, more profitable company".

JD Sports will pay $13.50 per share in cash for Finish Line, representing a 28 percent premium over Finish Line's closing price on Friday.

The cut comes as Facebook's fallout from the data scandal continues.

The Federal Trade Commission confirmed on Monday that it was investigating the social media giant's privacy practices, including whether the company engaged in "unfair acts" that cause "substantial injury" to consumers.

Technology companies recouped some of the sector's big losses last week.

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

The May crude contract closed at 65 dollars, 55 cents U-S per barrel, down 33 cents. Brent crude, used to price global oils, shed 33 cents to close at $70.12 in London.

CURRENCIES: The dollar rose to 105.20 yen from 104.82 yen on Friday. The euro strengthened to $1.2455 from $1.2367. In other energy futures trading, heating oil dropped 1 cent to $2.02 a gallon.

The British pound jumped 0.7 percent to $1.4232, the strongest since February 1.

"I don't see anything extraordinarily bearish in the market today".