Friday, 27 April, 2018

Markets Now: Stocks Gain Steam on Trade War Relief

E-mini S&P 500 Index Daily June E-mini S&P 500 Index
Jodi Jackson | 07 April, 2018, 00:59

Another flare-up in trade tensions between the USA and China sent the stock market sharply lower for the second time this week.

The Dow Jones industrial average rose 240.92 points to 24,505.22, with Boeing and DowDuPont as the best-performing stocks.

The stock futures implied the S&P 500 would not only open below its 200-day moving average, a key support level watched by technical analysts, but also challenge its 2018 low from February 9.

Amid the focus on trade relations, the Commerce Department released a report showing the USA trade deficit widened by more than anticipated in the month of February.

At 8:57 a.m. ET, Dow e-minis were down 459 points, or 1.91 percent.

Hedge fund manager Doug Kass, who runs Seabreeze Partners Management Inc, said he was shorting the Standard & Poor's 500."The hastily crafted policy like we have seen from Trump over the last two, three days and now tonight in a world that is flat and ever-more interconnected is risky".

Omar Aquilar, Chief Investment Officer at Charles Schwab in San Francisco, said equity investors may have reacted too soon as fixed income and currency markets appeared unperturbed by the exchange between China and the United States.

Canada's main stock index fell in a broad-based decline that was led by energy and financial shares as renewed U.S.

The S&P 500 posted one new 52-week high and eight new lows; the Nasdaq Composite recorded 30 new highs and 89 new lows.

The stock posting the largest daily percentage gain in the S&P 500 ahead of the close Thursday was Diamond Offshore Drilling, Inc. Apple lost 1.4 percent and Boeing fell 2.6 percent.

Investors will also tune into Fed Chairman Jerome Powell's speech at an event later in the day for signs the central bank could raise rates more than the expected two more times this year.

The trade tensions overshadowed the latest U.S.jobs report, which showed hiring cooled by more than forecast in March. Copper fell 2 cents to $3.06 a pound. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 4.4 basis points at 2.832 percent. The company admitted it made a "huge mistake" in not focusing more on potential abuse of users' personal information.

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