Dow jumps 500 points as trade war fears cool

Mar 27, 2018, 03:13
Dow jumps 500 points as trade war fears cool

Stocks started on a strong note following a weekend WSJ report that US and China have started negotiating to improve American access to the Chinese market, then faded somewhat before recovering and powering higher to finish at their best levels of the day.

The Dow Jones industrial average rose 2 percent or nearly 500 points in early morning trading. Investors drew encouragement from signs that the USA and China are open to negotiating to avert a potential trade war. Mnuchin and Lighthizer sent to Mr. Liu late last week, the Trump administration set out specific requests that include a reduction of Chinese tariffs on USA automobiles, more Chinese purchases of US semiconductors and greater access to China's financial sector by American companies, the people said. Microsoft led the way, gaining more than 7%.

The Dow plummeted more than 1,100 points on Thursday and Friday, slipping into a correction - a decline of 10 percent from all-time highs in January. The Nasdaq climbed 195 points, or 2.8 percent, to 7,188.

The 10-year Treasury yield climbed to 2.83%. The stock gained $4.76 to $88.53. Shares of Facebook gained 0.42 percent at the close. The Federal Trade Commission confirmed Friday that it is investigating Facebook's privacy practices, including whether the company engaged in "unfair acts" that cause "substantial injury" to consumers.

In recent trading, the major averages have pulled back off their highs of the session but continue to post strong gains.

Traders also had their eye on the latest corporate deal news Monday.

Finish Line vaulted 29.9 per cent after the sporting goods retailer agreed to be bought by JD Sports Fashion PLC. Brent crude, used to price global oils, shed 23 cents to $69.58 in London.

Benchmark U.S. crude fell 38 cents to $65.50 per barrel on the New York Mercantile Exchange.

In other energy futures trading, heating oil was little changed at $2.02 a gallon.

Gold rose $5.10 to $1,355 an ounce.

CURRENCIES: The dollar rose to 105.20 yen from 104.82 yen on Friday.

In Europe, Germany's DAX fell 0.7 per cent, while France's CAC-40 lost 0.5 per cent. Britain's FTSE 100 shed 0.3 per cent. Japan's Nikkei 225 Index advanced by 0.7 percent, while China's Shanghai Composite Index fell by 0.6 percent.

YOU MIGHT ALSO LIKE
  • Arsene Wenger Drops Hint Over Who His Next Arsenal Captain Will Be

    Arsene Wenger Drops Hint Over Who His Next Arsenal Captain Will Be

    Instead, he controversially joined Arsenal's rivals Chelsea , winning the Premier League with the Blues on two occasions since. Thomas Tuchel has reportedly entered "negotiations" with the north London club after turning down Bayern Munich .
    Sensex, Nifty open in red as Trump sets off fierce trade war

    Sensex, Nifty open in red as Trump sets off fierce trade war

    Hong Kong's Hang Seng was down almost 3.0 percent, Taiwan shares slid 1.7 percent and South Korea's KOSPI retreated 2.2 percent. Also, the sensex's 1.2% loss was much lower than the crash of 4.5% in the Japanese market, 3.4% in China and 3.2% in Korea.
    Judge Orders Special Legislative Elections

    Judge Orders Special Legislative Elections

    Vos said he didn't realize Reynolds was a Walker appointee, "But one thing I've learned about appointments", he said. Amy Phimister, a Sturgeon Bay woman who was one of the eight plaintiffs to bring suit against Gov.
  • Son of separatist leader Syed Geelani's aide joins Hizbul Mujahideen

    Son of separatist leader Syed Geelani's aide joins Hizbul Mujahideen

    Police sources confirmed that a missing case has been filed into the "mysterious" disappearance. According to the police, Junaid had gone missing from his home on Friday afternoon.
    AAP MLAs Disqualified By EC Restores Their Membership With Delhi HC Order

    AAP MLAs Disqualified By EC Restores Their Membership With Delhi HC Order

    Of the 21, Jarnail Singh had resigned from the assembly to contest the Punjab elections. "... The representatives elected by the people of Delhi were dismissed in a wrong manner".
    Toys R Us liquidation sales start after a brief delay

    Toys R Us liquidation sales start after a brief delay

    To be able to find discounts on the widest selection of toys, you have to get to your local ToysRUs store this morning. The liquidation sales started Friday, and the company said it will offer shoppers "deep discounts and promotions".
  • Netanyahu questioned anew in telecom corruption case

    Netanyahu questioned anew in telecom corruption case

    Video footage showed a police auto pulling into the driveway of the prime minister's official residence in Jerusalem. In 2017, police also interrogated Netanyahu over the so-called Case 1000 and Case 2000.
    China should target USA  soybeans, says former finance minister

    China should target USA soybeans, says former finance minister

    The American pork industry sent $1.1 billion in products, making China the No. 3 market for USA pork. The Commerce Ministry said the higher USA tariffs "seriously undermine" the global trading system.
    Delhi Police personnel suspended for mishandling journalist's camera

    Delhi Police personnel suspended for mishandling journalist's camera

    Delhi Police spokesman Madhur Verma issued a statement, saying "Yesterday's incident was a very unfortunate one". The "Padyatra" began from the campus and was reportedly being escorted by a contingent from Delhi Police.
  • Winter Storm Warning for Saturday

    Winter Storm Warning for Saturday

    By no means will Sunday be a complete washout but just be mindful a few showers will be in the area. Clouds will slowly increase by the afternoon along with some light off and on rain or snow showers.
    Ronchi powers Islamabad United to Pakistan Super League trophy

    Ronchi powers Islamabad United to Pakistan Super League trophy

    The one and only Pakistan's heartthrob actor, Fawad Khan is the official ambassador for Islamabad United . Giles Clarke, director of International Cricket Council (ICC), praised Pakistan's efforts.

    U.S. pork to feel further chill from China tariff threat

    Secondly, American companies that export to China will be exposed to retaliation in the form of tariffs on USA -made goods. The fact that China responded with tariffs of only 3 billion dollars on United States goods is testament to his policy.
popular