How major U.S. stock indexes fared Tuesday

Eileen GuzmanApr 05, 2018

Wall Street posted major losses Monday, with the Nasdaq erasing its year-to-date gains on a selloff in tech stocks and fears of a trade war between the US and China.

After a bloodbath on Monday, US shares started on the front foot, with the Dow Jones up 125 points at 23,769. But two major targets of China's potential tariffs, aerospace company Boeing and farm equipment maker Deere, finished lower.

U.S. stocks ended higher after sharp declines in the previous session.

Investors are trying to "weigh the possibility that this is simply a negotiating ploy on both sides", Sam Stovall, chief investment strategist at CFRA Research, said. "If we continue with tit-for-tat moves, we could very quickly move towards the much-feared trade war".

"The most likely outcome is smoke, but no fire", said Bill Adams, senior global economist at PNC Financial.

In overseas trading, most stock markets across the Asia-Pacific region followed U.S. stocks lower during trading on Tuesday. Over the last five weeks stocks have plunged numerous times as investors reacted to tariff developments with shock and concern that an increase in protectionism will hurt worldwide trade and company profits.

On Wednesday, both of those things appeared to happen in the same day. Wall Street's main indexes were higher today, with the Dow Jones Industrial Average rising more than 100 points, helped by a recovery in the battered technology and consumer discretionary stocks.

Major indexes opened sharply lower, with the S&P 500 initially dropping back below a key technical level, but stocks strengthened throughout the session, ultimately ending up more than 1% in a complete turnaround, with the widespread losses that marked the open turning to broad gains at the close.

China's planned move is in retaliation to the Trump administration announcing Tuesday that it would impose tariffs on about 1,300 Chinese goods worth about $50 billion annually. That would stir up political pressure against the trade sanctions. CBS shares rose 0.9 per cent.

Yesterday, Ireland's National Treasury Management Agency (NTMA), which manages the country's national debt, said it plans to hold a bond auction on May 10, and a treasury bill auction on June 14, subject to market conditions.

Amazon and Tesla were among the top drags on Monday, pushing the S&P 500 below its 200-day moving average for the first time since Britain's vote to leave the European Union in June 2016.

The biggest worry for investors is that an escalating trade war will derail a global economy that is largely growing in unison.

Tech stocks have added to the recent volatility, mostly due to controversies surrounding technology companies such as Facebook.

Earlier in the day, wary investors sold off industrial giants that depend heavily on China for revenue, including Apple, Boeing, Caterpillar and Intel.

Make it your business.

Related Articles:

Next article »

Popular Pages

Broncos' 2018 offseason workout schedule is set
Team practice may be conducted on a "separates" basis, but no live contact or team offense vs. team defense drills are permitted. Helmets are permitted and teams can do team drills and situations, including 11-on-11, but live contact is still prohibited.

Commonwealth Games: Indian boxers cleared of doping in syringe scandal
The message from the organisers to Australia's anti-doping officials for Indian athletes is clear - spot them, test them. On Monday, it was the turn of the gymnastics contingent, while the weightlifters were tested late on Sunday.

CHP: Hart family crash believed to be 'an intentional act'
On Wednesday, the Mendocino County Sheriff's Office will expand its search effort for the three missing children, Barney said. The Department of Social and Health Services had no prior history with the family, said Norah West, an agency spokeswoman.

Egyptians attempt to elect Liverpool hero Mo Salah as president
The 2018 presidential election is the first election in Egyptian history to be monitored by the National Election Authority. The Egyptian leader garnered 97 percent of the votes last month, according to the BBC .

Carlos Alvarado is Elected President of Costa Rica
Carlos supported the ruling, while Fabricio opposed it, with the latter Alvarado threatening to remove Costa Rica from the court. It was the first time any head of state had done so in the Americas, and it generated headlines around the world.

Nurmagomedov to Ferguson: 'Don't talk too much anymore'
There was no way Max Holloway was going to turn down a chance to fight Khabib Nurmagomedov at UFC 223 - even on short notice. Per White, Ferguson is expected to lose his interim title, which he won by defeating Kevin Lee at UFC 216 in October.

Nicole Scherzinger 'off X Factor judging panel'
Nicole Scherzinger has broken her silence after rumours she had been axed from the upcoming series of The X Factor . Sources have exclusively told The Sun that Nicole is set to be axed with Sharon and Louis not far behind.

OnePlus 6 First Official Teaser Released; Expected to Launch Soon
The smartphone is said to run Android 8.0 Oreo operating system out-of-the-box and is also expected to receive Android P update. Preceding this, OnePlus CEO Pete Lau affirmed the nearness of a score on OnePlus 6 of every a cooperation with The Verge .

Apple plans to replace Intel chips in Macs with its own
Simple BUY signals occur when prices close above the moving average; SELL signals occur when prices fall below the moving average. The firm has a market cap of $243,109.45, a PE ratio of 15.05, a price-to-earnings-growth ratio of 1.75 and a beta of 1.01.

SpaceX launches cargo to space station using recycled rocket, spaceship
SpaceX will not attempt to land the tall portion of the rocket, known as the booster or first stage, after launch, she said. Aboard the Dragon spacecraft, which was launched into space on April 8, 2016, will be roughly 5,800 pounds of cargo.