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Stocks close lower, led by tech, consumer discretionary losses

02 April, 2018, 11:03 | Author: Samuel Sharp
  • Tech, industrial stocks lead market to gains ahead of holiday weekend

USA stocks rallied on Thursday, the last trading day of the month and the quarter, as the technology sector curbed steep declines seen in recent sessions.

Shares of Facebook, Apple, Alphabet and Microsoft were up between 1 percent and 4 percent, driving a 1.7 percent gain in the S&P technology index.

At 8:35 a.m. ET, Dow e-minis 1YMc1 were up 75 points, S&P 500 e-minis ESc1 rose 9.25 points and Nasdaq 100 e-minis NQc1 gained 38.5 points.

The first three months of 2018 saw the re-emergence of volatility in United States stocks after a placid 2017, with prices charging higher in January amid enthusiasm over United States tax cuts, but dropping in February on worries about higher inflation and enduring more pressure in March over fears of a trade war.

"People are anxious about rising interest rates".

Markets in the U.S. and Europe are closed Friday in observance of Good Friday, but investors will be closely watching Spotify's direct listing on the New York Stock exchange on Tuesday following the Easter holiday.


After years of slow and steady growth and a roaring start to 2018, the market plunged in early February, marking its first 10 percent drop in two years.

Wall Street surged on Thursday, bringing an upbeat end to a tumultuous, holiday-shortened week as technology stocks rebounded, but the S&P 500 and the Dow Jones Industrial Average posted their biggest quarterly declines in more than two years.

Also gaining were tech giants Facebook, up 4.4 per cent and Tesla, up 3.2 per cent. Facebook has been under pressure over a consumer data scandal and Tesla following a fatal auto accident California.

But the gains could not prevent the indexes from closing the month with losses.

Facebook was among the gainers, its shares adding 4.4 percent. On the Nasdaq, 2,152 issues rose and 716 fell. The social media giant, which has taken a beating in recent days over privacy concerns, rose $6.76, to $159.79.

Solid results and a better-than-expected outlook also gave Movado Group shares a lift.

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