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Wall Street closed sharply higher on Tuesday following positive developments related to the geopolitical conflict between Russia and Ukraine. Lower crude oil prices have also strengthened market participant’s confidence. All three major stock indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) gained 1% or 338.30 points to close at 35,294.19. Notably, 16 component of the 30-stock index ended in green while 25 finished in positive zone and 5 ended in red. The tech-heavy Nasdaq Composite finished at 14,619.64, advancing 1.8% or 264.73 points due to the strong performance of large-cap technology stocks.
Meanwhile, the S&P 500 rose 1.2% to end at 4,631.60. Ten out of 11 broad sectors of the benchmark index closed in positive zone while one in red. The Consumer Discretionary Select Sector SPDR (XLY), the Real Estate Select Sector SPDR (XLRE), the Communication Services Select Sector SPDR (XLC) and the Technology Select Sector SPDR (XLK) rallied 1.7%, 2.9%, 1.7% and 2.1%, respectively.
The fear-gauge CBOE Volatility Index (VIX) was down 3.7% to 18.90. A total of 13.22 billion shares were traded Tuesday, lower than the last 20-session average of 14 billion. Advancers outnumbered advancers on the NYSE by a 4.20-to-1 ratio. On Nasdaq, a 2.97-to-1 ratio favored advancing issues.
Russia-Ukraine Peace Talk Continues
On Mar 29, the first negotiations meeting in two weeks between Russia and Ukraine held in Turkey. This was the sixth round of meeting between the two warring countries after Russian troops invaded Ukraine on Feb 24. So far, this meeting was the most fruitful one.
In the meeting\, Russia said that it will significantly reduce its military operations around the Ukraine’s capital of Kyiv and the norther city of Chernihiv. Instead, Russian troops will concentrate more on the eastern part of Ukraine. On the other hand, Ukraine has decided to follow the path of neutrality and will not join the U.S.-led alliance of NATO.
Consequently, the price of the U.S. benchmark – West Texas Intermediate – crude future for May delivery dropped 1.6% to settle at $104.24 per barrel, marking the lowest closing for a front-month WTI contract since Mar 17.
According to the S&P CoreLogic Case-Shiller Index, both the 10-city and 20-city composite index rose 1.4% in January. Year over year, nationally home prices jumped 19.2% in January compared with 18.9% in December. The 10-city composite jumped 17.5% annually in January compared with 17.1% in December. The 20-city composite climbed 19.1% annually in January compared with 18.6% in December.
The Conference Board reported that consumer confidence index came in at 107.2% in March, marking the first rise of the index in 2022. However, the consensus estimate was 107.5%. February’s data was revised downward to 105.7% from 110.5% reported earlier. The present situation sub-index rose from 152.9% in February to 153% in March, marking its highest since Jul 2021. The expectation sub-index dropped to 76.6% in March from 80.8% in February.
The Job Openings and Labor Turnover Survey of the Department of Labor reported that around 11.27 million jobs were open in February. Total unemployment level contracted to 6.27 million in February. Consequently, 1.8 jobs were available for every unemployed person in February. Moreover, people who quit jobs increased 94,000 to 4.35 million workers in February compared with January.
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Stock Market News for Mar 30, 2022
Wall Street closed sharply higher on Tuesday following positive developments related to the geopolitical conflict between Russia and Ukraine. Lower crude oil prices have also strengthened market participant’s confidence. All three major stock indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) gained 1% or 338.30 points to close at 35,294.19. Notably, 16 component of the 30-stock index ended in green while 25 finished in positive zone and 5 ended in red. The tech-heavy Nasdaq Composite finished at 14,619.64, advancing 1.8% or 264.73 points due to the strong performance of large-cap technology stocks.
Meanwhile, the S&P 500 rose 1.2% to end at 4,631.60. Ten out of 11 broad sectors of the benchmark index closed in positive zone while one in red. The Consumer Discretionary Select Sector SPDR (XLY), the Real Estate Select Sector SPDR (XLRE), the Communication Services Select Sector SPDR (XLC) and the Technology Select Sector SPDR (XLK) rallied 1.7%, 2.9%, 1.7% and 2.1%, respectively.
The fear-gauge CBOE Volatility Index (VIX) was down 3.7% to 18.90. A total of 13.22 billion shares were traded Tuesday, lower than the last 20-session average of 14 billion. Advancers outnumbered advancers on the NYSE by a 4.20-to-1 ratio. On Nasdaq, a 2.97-to-1 ratio favored advancing issues.
Russia-Ukraine Peace Talk Continues
On Mar 29, the first negotiations meeting in two weeks between Russia and Ukraine held in Turkey. This was the sixth round of meeting between the two warring countries after Russian troops invaded Ukraine on Feb 24. So far, this meeting was the most fruitful one.
In the meeting\, Russia said that it will significantly reduce its military operations around the Ukraine’s capital of Kyiv and the norther city of Chernihiv. Instead, Russian troops will concentrate more on the eastern part of Ukraine. On the other hand, Ukraine has decided to follow the path of neutrality and will not join the U.S.-led alliance of NATO.
Consequently, the price of the U.S. benchmark – West Texas Intermediate – crude future for May delivery dropped 1.6% to settle at $104.24 per barrel, marking the lowest closing for a front-month WTI contract since Mar 17.
As a result, shares of airlines stocks like United Airlines Holdings Inc. (UAL - Free Report) , Delta Air Lines Inc. (DAL - Free Report) and American Airlines Group Inc. (AAL - Free Report) appreciated 4.1%, 3.1% and 5%, respectively. All three stocks carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.
Economic Data
According to the S&P CoreLogic Case-Shiller Index, both the 10-city and 20-city composite index rose 1.4% in January. Year over year, nationally home prices jumped 19.2% in January compared with 18.9% in December. The 10-city composite jumped 17.5% annually in January compared with 17.1% in December. The 20-city composite climbed 19.1% annually in January compared with 18.6% in December.
The Conference Board reported that consumer confidence index came in at 107.2% in March, marking the first rise of the index in 2022. However, the consensus estimate was 107.5%. February’s data was revised downward to 105.7% from 110.5% reported earlier. The present situation sub-index rose from 152.9% in February to 153% in March, marking its highest since Jul 2021. The expectation sub-index dropped to 76.6% in March from 80.8% in February.
The Job Openings and Labor Turnover Survey of the Department of Labor reported that around 11.27 million jobs were open in February. Total unemployment level contracted to 6.27 million in February. Consequently, 1.8 jobs were available for every unemployed person in February. Moreover, people who quit jobs increased 94,000 to 4.35 million workers in February compared with January.