March 24, 2018

Dow higher as Wall Street starts week in better mood

15 February 2018, 04:50 | Melvin Schneider

Weekly March E-mini NASDAQ-100 Index

E-mini NASDAQ-100 Index

Market experts also attributed the selloff, including the overnight slide in S&P 500 futures, to the violent unwind of a trade betting on volatility in USA stocks staying low as the CBOE Volatility index, known as the VIX, notched its biggest one-day jump on Monday in over two years.

Tumultuous trading in NY last week saw the Dow endure its two biggest-ever one day falls, of over 1,000 points each, on Monday and Thursday.

Advancing issues outnumbered declining ones on the NYSE by a 3.41-to-1 ratio; on Nasdaq, a 2.69-to-1 ratio favored advancers.

The S&P 500 gained 1.4 percent to finish at 2,656, with materials and information technology as the best-performing sectors.

The shares of Amazon, Bank of America and Apple, which sharply declined last week, rose by more than 2.5% in Monday trading session.

JJ Kinahan, chief market strategist at TD Ameritrade, said the market is trying to find its balance point after last week's wild swings. The Nasdaq composite, meanwhile, dropped 5.1 percent, marking its biggest one-week pullback since February 2016. The Dow and S&P fell into correction territory at their lows of last week's selling.

The Dow Jones Industrial Average rose 410 points to 24,601 while the broader-based S&P 500 added 36 points to 2,657.

While last week's panic selling was done, strategists were not willing to call an end to the market correction as the S&P was still around 7 percent below its January 26 record. The returns on this type of government securities reached more than 2.9%, but ended at about 2.857%. There was little reaction to the rise to a 4-year high in 10-year Treasury yields on Monday, but I don't think this means investors weren't paying attention to the news.

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The Nasdaq Composite added 0.33 percent to 7,004.71.

Oil prices also posted sharp gains on the first day of the trading week, as markets regained some of the ground lost earlier this month.

Benchmark U.S. crude gained 9 cents to $59.29 a barrel in NY.

The gold prices rose because of the depreciation of the dollar.

All the S&P 500's major 11 sectors rose, though bond-proxy sectors real estate, utilities and telecommunications services underperformed as investors monitored rising interest rates after US 10-year Treasury yields hit a new four-year high of 2.902 earlier in the day.

The April gold contract was up US$10.70 to US$1,326.40 an ounce and the March copper contract was up five cents to US$3.09 a pound.

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