US Stocks Begin the Week on a High Note
$DJIA, $SPY, $QQQ, $VXX
US stocks opened this week higher Monday, reclaiming about 50% of last week’s losses as Friday’s rally extended.
President Trump said that he is “not backing down” from his new tariff plan, but he did leave a door cracked for Canada and Mexico, saying that the 2 countries may be able to sidestep the tariffs if they agree to a “new and fair” NAFTA deal.
Overseas, stock indices in Europe finished mostly higher, but Italy’s MIB (-0.4%) under-performed after Sunday’s national elections failed to produce a clear winner.
In Germany, the CDU and SPD parties agreed on their governing coalition, thereby removing any leadership uncertainty in Europe’s largest influential economy.
In Asia, stocks finished mixed, with Hong Kong’s Hang Seng (-2.3%) showing relative weakness.
Investors received 1 piece of economic data Monday, the ISM Services Index for February, which came in better than expected (59.5 actual Vs 58.8 consensus). The Key takeaway from the report is that business activity in the non-manufacturing sector is still running at a healthy level, which is contributing to rising costs.
Monday, the major US stock market indexes finished at: DJIA +336.70 at 24874.76, NAS Comp +72.84 at 7330.70, S&P 500 +29.69 at 2720.94
Volume: Trade on the NYSE came in at: 894-M/shares exchanged.
- NAS Comp +5.1% YTD
- S&P 500 +1.2% YTD
- DJIA +1.9% YTD
- Russell 2000 -1.1% YTD
HeffX-LTN’s Market Indexes Technical Analysis