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Dow Jones Average price: Dow jumps 400 points as trade war eases

  • by Alan Olson
  • in Markets
  • — Mar 28, 2018
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The Dow Jones industrial average climbed 669.40 points, or 2.8 percent, to close at 24,202.60 as the markets took a deep breath - then exhaled - over concerns that a trade mess would end a global economic boom.

BETTING ON BANKS: Financial stocks surged as bond yields rose. Investors drew encouragement from signs that the USA and China are open to negotiating to avert a potential trade war. The S&P 500 pulled back 1.7 percent 2,612.62, with tech sliding 3.5 percent. The Nasdaq composite lost 211 points, or 2.9 percent, to 7,008.

On the other hand, significant weakness remains visible among gold stocks, as reflected by the 1.5 percent drop by the NYSE Arca Gold Bugs Index.

The S&P 500 is down 15.06 points, or 0.6 percent. The Dow Jones industrial average closed 344.89 points lower at 23,857.71 and re-entered correction territory, with Microsoft as the worst-performing stock in the index. Microsoft was the biggest gainer in the 30-company Dow and the Standard & Poor's 500 index, climbing almost 8 percent.

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The Federal Trade Commission confirmed on Monday that it was investigating the social media giant's privacy practices, including whether the company engaged in "unfair acts" that cause "substantial injury" to consumers.

TECH WOES: Technology companies, which were big decliners last week and led Monday's market rally, racked up more losses Tuesday. Trump also unexpectedly threatened to veto a $1.3 trillion spending bill that could have closed down the government again for the third time this year, only to change his mind at the last minute. Treasury Secretary Steven Mnuchin told Fox News that he's "cautiously hopeful" that China will reach a deal to avoid tariffs on $50 billion of US exports, while European leaders demanded a permanent exclusion at the threat of retaliation and a deal was struck with South Korea. Last week, the 10-year yield fell sharply to 2.81% last week as investors sought safe haven from volatile stocks.

Finish Line, Inc. (NASDAQ: FINL) shares shot up 30 percent to $13.735 as the company agreed to sell itself to Europe-based JD Sports Fashion in a deal which values the company at $558 million. Brent crude, used to price global oils, shed 37 cents to $69.44 in London. Natural gas added 3 cents to $2.62 per 1,000 cubic feet.

CURRENCIES: The dollar rose to 105.20 yen from 104.82 yen on Friday. South Korea's Kospi rose 0.6 percent. Separately, the latest Standard & Poor's CoreLogic Case-Shiller national home price index shows prices jumped 6.2 percent in January from a year earlier, pushed higher by a persistent shortage of homes for sale. Against the euro, the dollar is valued at $1.2408 compared to last Friday's $1.2353. U.S. West Texas Intermediate (WTI) crude futures lost 57 cents to $65.31. The FTSE 100 index of leading British shares added 1.6 percent.

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