US stocks close higher after sharp declines

08 Abril, 2018, 05:45 | Author: Misty Newman
  • E-mini S&P 500 Index

The direction that the market takes after earnings season will depend on how that extra money generated from the tax cuts is allocated for spending by the companies.

Shares rebounded a bit, but the big board still ended the day down 458 points.

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Traders said they were heavily focused on technical levels after investors fled on Monday when the S&P 500 breached its 200-day moving average. The Asian country has announced additional duties on 106 US products on Wednesday, less than 24 hours after the White House administration publishes a list of 1300 Chinese products on which intends to impose 25% import duties.

US President Donald Trump on Saturday attacked Amazon for scamming the US Postal Service, adding the service loses "billions of dollars" delivering packages for the e-commerce giant. "And that could be true for Mexico as well as for China".

Ford gained more than 2% on a record sales month for its SUVs. The VIX (VIX) volatility index jumped more than 15%. February's report was strong.

Elsewhere in global equity markets, the Shanghai Composite lost 0.2% after climbing as much as 0.9% in early trading, while the Stoxx Europe 600 slipped as much as 1.3% before finishing down 0.5%. It's also back in line with the five-year average. The current value of the CCI is -59.

Why has the Dow Jones dropped?

"It seems like the long arm of the government is interfering with investors' expectations", he said.

The trade jitters are being amplified by broader worries over the outlook for high-flying tech stocks. It tumbled $1.70 to $67.64 on Monday.

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The company, which declined to comment on the allegations, lost more than $36 billion in value Monday.

10-year Treasury Yield: -0.011 percentage point to 2.733%. "And then we slammed on the brakes when we became concerned there could be a policy mistake in the future".

Declining issues outnumbered advancing ones on the NYSE by a 4.17-to-1 ratio; on Nasdaq, a 4.14-to-1 ratio favoured decliners. Amazon fell another $70.84, or 4.9 percent, to $1,376.50.

Japanese shares closed lower, dragged down by exporters and technology stocks.

The S&P 500 rose 10 points, or 0.4 percent, to 2,592.

However, this historic calm was shredded on Feb. 2 with the release of January's employment report.

Microsoft dropped 3 percent and Alphabet, Google's parent company, shed 2.4 percent. It was the best day for the stock since May 2010.

Market strategists have asked investors to forget about the last quarter and focus on the promises heralded by the month of April. The technology index .SPLRCT was down 2.7 percent.

Which economic reports are in focus?

Amazon wasn't the only tech stock in trouble. Beijing has promised to retaliate with new sanctions of its own. Eurofins Scientific has also moved to the downside after acquiring Lab Frontier in South Korea.


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