Financials and Technology Lead Market Rebound
$DIA, $SPY, $QQQ, $VXX
The S&P 500 Index rose 2.7% at the close of trading in New York Monday
Chipmakers and Banks led gains as the S&P 500 Index posted its biggest 1-day gainer since August 2015, 20 stocks climbed for each 1 that fell.
The bounce erased Friday’s fall, though there is a ways to go to make up all of last week’s losses.
The optimism toward US stocks emerged after the limits of The Trump Administration’s willingness to embrace protectionism came into view at the weekend.
US Treasury Secretary Steven Mnuchin said that he is “cautiously hopeful” that China will reach a deal to avoid tariffs on $50-B of US exports, the European leaders asked for a permanent exclusion, and a deal was struck with SKorea.
In the commodities market
- WTI Crude Oil -0.6% to 65.50 bbl
- Gold +0.4% at 1354.80 oz
- Copper -0.7% to 2.97 lb
In the bond market
US Treasuries ended Monday lower, pushing yields higher across the curve; the yield on the benchmark 10-yr Treasury note ticked up 1 bpt to 2.84%. The 2-yr yield advanced 3 bpts to 2.29% following a $30-B 2-yr note auction that drew a high yield of 2.31% on a bid-to-cover of 2.91
Monday the major US stock market indexes finished at: DJIA +669.40 at 24202.60, NAS Comp +227.88 at 7220.54, S&P 500 +70.29 at 2658.55
Volume: Trade on the NYSE came in at: 899-M/shares exchanged
- NAS Comp +4.6% YTD
- S&P 500 -0.6% YTD
- DJIA -2.1% YTD
- Russell 2000 +0.5% YTD
HeffX-LTN’s Market Indexes Technical Analysis