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Markets Right Now: Stocks move solidly higher on Wall Street

05 April, 2018, 00:55 | Author: Samuel Sharp
  • Dow Jones Industrial Average Technicals in Focus

The Dow rose 389.17 points, or 1.6%, to 24,033.36, while the S&P 500 added 32.57, or 1.3%, to 2,614.45 and the tech-laden Nasdaq increased 71.16, or 1%, to 6,941.28. The blue-chip gauge had been down by as many as 510 points at its session low.

Reflecting the strength in the tobacco sector, the NYSE Arca Tobacco Index has surged up by 1.8 percent on the day.

WALL STREET: Major U.S. benchmarks ended higher after a late rally.

Tesla shares gained 2.6 per cent after the electric automaker said it need not raise more capital this year while announcing it built 2,020 of its cheaper Model 3 sedans in the last seven days of March.

Equities have been extremely volatile of late.

Advancing issues outnumbered declining ones on the NYSE by a 1.33-to-1 ratio; on Nasdaq, a 1.98-to-1 ratio favored advancers.

In the latest developments, the U.S. has revealed a list of 1333 Chinese machinery and materials goods worth $US50 billion that will be hit with 25% tariffs.

Stocks shook off a rocky start and are solidy higher in midday trading, led by gains in banks as interest rates move higher. "It's not just trade tensions". Fundamentals are holding the stock market up.


Which stocks are in focus? It fell 458 a day earlier. Boeing Co.'s stock (BA) fell 1%, while heavy-machinery maker Deere & Co.(DE) fell 2.9%.

But stocks erased those declines in afternoon trading, as some analysts said knee-jerk selling on worries that protectionist trade policies could slow global economic growth might have been overdone.

Shares of chip makers, manufacturers and machinery companies initially came under pressure after China unveiled plans for a series of retaliatory tariffs on American goods.

The company also said Facebook information of up to 87 million people, more than initially reported 50m, may have been improperly shared with an analytics firm tied to President Donald Trump's 2016 campaign.

But some traders said technical sellers could still put pressure on stocks on Wednesday as the S&P's closing level was still too close for comfort to 2590.76 - the 200-day moving average - and 2532.69 - its February 9 low. The stock opened with a bang Tuesday, but closed on a down note (http://www.marketwatch.com/story/spotifys-stock-opens-with-a-bang-then-pulls-back-2018-04-03). Caterpillar fell 3 percent.

Media conglomerate Viacom sank 4 percent following reports that sibling company CBS wanted to buy it for below its current market value. It was the best day for the stock since May 2010.

Traders are also looking ahead to the release of the Labor Department's closely watched monthly jobs report on Friday. We're on the verge of the earnings reporting season.

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