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U.S. stock markets ended in the green on Tuesday led by a partial turnaround in technology stocks which plummeted significantly on the first trading day of the second quarter. Although the recovery was broad-based, investors’ anxiety over an impending trade war and imposition of new regulations on technology and Internet stocks persisted.
The Dow Jones Industrial Average (DJI) closed at 24,033.36, gaining 1.7% or 389.17 points. The S&P 500 Index (INX) increased 1.3% to close at 2,614.45. Meanwhile, the Nasdaq Composite Index (IXIC) closed at 6,941.28, increasing 1%. Advancing issues outnumbered decliners on the NYSE by 2.98-to-1 ratio. On the Nasdaq, advancers had an edge over decliners by 1.86-to-1 ratio. The CBOE VIX declined 10.67% and closed at 21.10.A total of 7.14 billion shares were traded on Tuesday, lower than the last 20-session average of 7.31 billion shares.
How Did the Benchmarks Perform?
The Dow gained 1.7% with 29 of its 30 components closing in the green. The S&P 500 increased 1.3% led by 2.1% gain of the Energy Select Sector SPDR (XLE). The day’s gains once again placed the benchmark index above its 200-day moving average. Each of the 11 sectors of S&P 500 ended in positive territory with 8 of them gaining more than 1%.
The tech-heavy Nasdaq Composite also gained 1% driven by a partial rebound in tech stocks. Tuesday’s gains brought back Nasdaq Composite into positive territory for the year.
Tech Sector Leads to Market Recovery
Major tech and Internet stocks gained yesterday after they plunged the previous day. Amazon.com Inc. (AMZN - Free Report) gained 1.5% following a Bloomberg report, citing sources, that the government is not planning to impose any regulations on the company.
Yesterday, President Donald Trump declared the categories of Chinese imports worth $50 billion that his administration wants to impose tariffs on. The U.S. government alleged that China used unfair trade practices and improperly utilized U.S. intellectual property. A list of 1,300 Chinese products was announced, mainly from the robotics, information technology, communication technology and aerospace industries.
U.S. Auto Sales Rise in March
The U.S. Commerce Department reported that domestic vehicle sales for the month were 13.7 million, better than the consensus estimate of 13.1 million.
General Motors Company’s (GM - Free Report) sales rose 16% year over year and 34% sequentially, breezing past expectations.Ford Motor Company’s (F - Free Report) annual sales in March increased 3.4%, with fleet rising 8.7% and retail 0.8%. Sales of SUVs climbed 7.5% and truck popped 6.7%. General Motors gained 3% and Ford gained 2.7%.
V.F. Corp. (VFC - Free Report) has successfully acquired the privately held outdoor and sports apparel company Icebreaker Holdings Ltd. for an undisclosed amount. (Read More)
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Image: Bigstock
Stock Market News For April 4, 2018
U.S. stock markets ended in the green on Tuesday led by a partial turnaround in technology stocks which plummeted significantly on the first trading day of the second quarter. Although the recovery was broad-based, investors’ anxiety over an impending trade war and imposition of new regulations on technology and Internet stocks persisted.
The Dow Jones Industrial Average (DJI) closed at 24,033.36, gaining 1.7% or 389.17 points. The S&P 500 Index (INX) increased 1.3% to close at 2,614.45. Meanwhile, the Nasdaq Composite Index (IXIC) closed at 6,941.28, increasing 1%. Advancing issues outnumbered decliners on the NYSE by 2.98-to-1 ratio. On the Nasdaq, advancers had an edge over decliners by 1.86-to-1 ratio. The CBOE VIX declined 10.67% and closed at 21.10.A total of 7.14 billion shares were traded on Tuesday, lower than the last 20-session average of 7.31 billion shares.
How Did the Benchmarks Perform?
The Dow gained 1.7% with 29 of its 30 components closing in the green. The S&P 500 increased 1.3% led by 2.1% gain of the Energy Select Sector SPDR (XLE). The day’s gains once again placed the benchmark index above its 200-day moving average. Each of the 11 sectors of S&P 500 ended in positive territory with 8 of them gaining more than 1%.
The tech-heavy Nasdaq Composite also gained 1% driven by a partial rebound in tech stocks. Tuesday’s gains brought back Nasdaq Composite into positive territory for the year.
Tech Sector Leads to Market Recovery
Major tech and Internet stocks gained yesterday after they plunged the previous day. Amazon.com Inc. (AMZN - Free Report) gained 1.5% following a Bloomberg report, citing sources, that the government is not planning to impose any regulations on the company.
Other major tech stocks like Netflix Inc. (NFLX - Free Report) , Apple Inc. (AAPL - Free Report) , Alphabet Inc. (GOOGL - Free Report) and Facebook Inc. rose 1.2%, 1%, 0.6% and 0.5%, respectively. Each of these stocks currently carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Trump Unveiled Chinese Products Under Tariffs
Yesterday, President Donald Trump declared the categories of Chinese imports worth $50 billion that his administration wants to impose tariffs on. The U.S. government alleged that China used unfair trade practices and improperly utilized U.S. intellectual property. A list of 1,300 Chinese products was announced, mainly from the robotics, information technology, communication technology and aerospace industries.
U.S. Auto Sales Rise in March
The U.S. Commerce Department reported that domestic vehicle sales for the month were 13.7 million, better than the consensus estimate of 13.1 million.
General Motors Company’s (GM - Free Report) sales rose 16% year over year and 34% sequentially, breezing past expectations.Ford Motor Company’s (F - Free Report) annual sales in March increased 3.4%, with fleet rising 8.7% and retail 0.8%. Sales of SUVs climbed 7.5% and truck popped 6.7%. General Motors gained 3% and Ford gained 2.7%.
Stocks That Made Headlines
V.F. Corp's Icebreaker Buyout to Boost Market Position
V.F. Corp. (VFC - Free Report) has successfully acquired the privately held outdoor and sports apparel company Icebreaker Holdings Ltd. for an undisclosed amount. (Read More)
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Click for details >>