Markets Right Now: Tech, bank stocks lead U.S. indexes higher

28 March, 2018, 01:37 | Author: Lora Ball
  • France readies for battle in trade war

Microsoft was the biggest gainer in the 30-company Dow and the Standard & Poor's 500 index, climbing almost 8 percent.

The S&P index rose 2.7 percent with financial and technology leading all sectors, and the Nasdaq composite increased 3.3 percent with Amazon and Apple both experiencing increases, CNBC reported.

The Standard & Poor's 500 index rose 70.29 points, or 2.7 percent, to 2,658.55.

The Dow Jones Industrial Average sank 344 points, or 1.4%, to 23,859. Tuesday represented the biggest one-day percentage decline for both the Dow and the Nasdaq since February 8, but only the biggest for the S&P since Friday.

Facebook shares contributed to tech's losses, as they fell 4.9 percent after Bank of America Merrill Lynch reduced its price target on the stock for the second time in five days. The technology was tested in the U.S, Japan, and Germany, but the company said its "global fleet of manually driven data collection vehicles continue to operate". General Electric was the only laggard in the Dow, down around 1 percent. Shares of Facebook fell 5.2 percent and are down 15 percent for the month.

Traders also had their eye on the latest corporate deal news Monday. Natural gas rose 7 cents, or 2.8 percent, to $2.69 per 1,000 cubic feet.

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US -listed shares of British drugmaker GlaxoSmithKline rose 2.6 percent after the company agreed to buy out its Swiss partner Novartis in their consumer health joint venture for $13 billion in cash. GlaxoSmithKline gained $1.30 to $38.73.

ENERGY: Benchmark U.S. crude added 17 cents to $65.72 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price worldwide oils, shed 33 cents to close at $70.12 in London.

The Cboe Volatility Index (VIX - 22.50) finished 1.5 points, or 7%, higher. Today, it's little changed at 15768.89.

Gold futures for April delivery gave back $13, or 1%, to close at $1,342 an ounce, snapping a four-day winning streak and pulling back from multi-week highs.

The dollar rose to 105.22 yen from 104.82 yen on Friday. Tech shares fell 3.4% in their biggest one-day decline in about six weeks, while financials shed 1.9%. In Asia, Tokyo's Nikkei 225 added 0.7 percent, while Hong Kong's Hang Seng rose 0.7 percent. The stock eked out a gain of 67 cents, or 0.4 percent, to $160.06. South Korea's Kospi edged up 0.5 percent to 2,448.42.

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