Markets Insider
The Dow Jones industrial average soared as much as 500 points Monday as stocks erased some of last week's heavy losses induced by fears a trade war was brewing with China.
By Monday afternoon, the Dow was up 527 points, or 2.2%, while the benchmark S&P 500 index was up 2.1%, and the tech-heavy Nasdaq 100 was up 2.4%.
Microsoft was the top-performing Dow component with roughly an hour left in the trading day, up 5.39% after an upgrade from Morgan Stanley outlined how the company could reach a $1 trillion market cap in the next 12 months.
Facebook, on the other hand, countered some of the Nasdaq's gains, falling more than 6% as the FTC confirmed it was probing the Cambridge Analytica data scandal. The stock is now officially in a bear market, down over 20% from recent highs.
Last week, stocks saw their worst drop in more than two years, falling 5.9%. JPMorgan said the steep decline took the S&P 500 index below a key technical support level that could open the floodgates to further selling.
"The question on everyone's mind is: Is this an 'ice cube' or the tip of an iceberg," Ethan Harris, the head of global economics research at Bank of America Merrill Lynch, wrote in a client note Friday.
International markets also edged higher on Monday, with Germany's DAX up 0.33% and Japan's Nikkei closing up 1.75%.
President Donald Trump voiced confidence in American markets as well on Monday.
"The economy is looking really good. It has been many years that we have seen these kind of numbers," he tweeted Monday morning. "The underlying strength of companies has perhaps never been better."
Source link
No comments:
Post a Comment