Markets Right Now: US indexes end choppy day slightly lower

Sean Reid
March 29, 2018

The Dow surged 669 points - its third-biggest point gain in history - and had its best day in two and a half years. Apple Inc. held up the best among tech megacaps, although it still fell 2.6 percent, after releasing a new iPad focused on schools and a new education service called Schoolwork at an event in Chicago. The Nasdaq slid 59 points, or 0.8 percent, to 6,949. Given the many doom-and-gloom predictions made then about the impact of a Donald Trump presidency, some may feel lucky that an average bear market would leave them no worse off than where they stood on that November day.

John Lynch, chief Investment strategist for LPL Financial, believes trade tensions could flare in the coming months, but the longterm risks to the market remain in check.

China in turn signaled that it was going to tax some USA goods sold in that country. The stock is still up 57 percent for the year.

"We're not afraid of a trade war, but that's not our objective", Mnuchin said in an interview Sunday on Fox News. "But we are simultaneously having negotiations with the Chinese to see if we can reach an agreement".

Other Trump administration spokesmen headed to the airwaves Monday to calm markets and tout the administration's efforts to rework trade deals with China and with the United States' North American trading partners Mexico and Canada.

That didn't appear to dampen investors' resurgent optimism Monday. "He's done these things in the past, and now it looks like the markets are telling us, 'Yep, that's what's happening'".

Technology companies recouped some of the sector's big losses last week.

The decline in bond yields helped pull banks and other financial stocks lower. The FTSE 100 index of leading British shares added 1.6 percent.

The president in a Monday tweet hailed the economy as "looking really good". A bear market would undoubtedly be painful for many, if not most, of us - and excruciating for some.

WALL STREET: The U.S. market rebounded from its worst week in two years. The Russell 2000 index of smaller-company stocks picked up 1 point, or 0.1 percent, to 1,514. The Dow shed 1,100 points in the last two trading days of last week.

Facebook contributed to the market drop, falling 4.9 percent, following news the Federal Trade Commission will investigate a breach which allowed data firm Cambridge Analytica to acces the information of about 50 million Facebook users without their knowledge. Facebook is around 20 percent off its 52-week high. A 10 percent decline from its high earlier this year is considered a correction. That announcement followed a news report indicating that USA officials have submitted a list of market-opening requests.

All 11 sectors of the S&P were in positive territory Monday. The big gainers were Lowe's home fix retail stores, Microsoft and Intel.

Facebook was not the only tech company to suffer.

"Tech was hammered hardest last week and is bouncing highest today".

Mokhtari said the S&P 500 has been testing the 200-day moving average lately, and that if the index drops below that average it could trigger wider sales.

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