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U.S. stocks were choppy overnight, whipsawing between negative and positive territory for most of the time.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34921.88 | +103.61 | +0.30% |
| SP500 | S&P 500 | 4582.64 | +36.78 | +0.81% |
| I:COMP | NASDAQ COMPOSITE INDEX | 14532.553753 | +271.05 | +1.90% |
U.S. stocks climbed Monday as investors scooped up some of the technology stocks that came under pressure to start the year.
The tech-focused Nasdaq Composite Index gained 271.05 points, or 1.9%, to 14532.55, while the S&P 500 added 36.78 points, or 0.8%, to 4582.64. The Dow Jones Industrial Average rose 103.61 points, or 0.3%, to 34921.88.
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The indexes have rallied over the past three weeks after the Federal Reserve raised interest rates for the first time since 2018 in a bid to curb inflation.
The S&P 500 and the Dow industrials are about 5% below their January highs, while the Nasdaq is off about 10% from November’s record.
U.S. stocks were choppy overnight, whipsawing between negative and positive territory for most of the time. (Courtney Crow/New York Stock Exchange via AP / Associated Press)
Twitter shares led the S&P 500, surging $10.66, or 27%, to $49.97, after Tesla Chief Executive Elon Musk reported that he held a stake of 9.2% in the social-media company as of March 14. Twitter added $8.53 billion in market value, its largest one-day gain on record.
Smaller company stocks also gained ground. The Russell 200 index picked up 0.2%, to 2,095.44.
In recent weeks Musk has publicly questioned the company’s commitment to free speech. The gains were a key factor in lifting the broader communications sector and keeping the S&P 500 in the green even as little less than half the companies in the index fell.
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Big technology stocks did the heavy lifting Monday, offsetting losses elsewhere. Such companies have pricey stock values and tend to have more weight in pushing the market up or down. Apple rose 2.4% and Microsoft gained 1.8%.
Investors continue to monitor the conflict in Ukraine, where Russia could face even stricter economic sanctions now that details are emerging of what appear to be deliberate killings of civilians.
Big technology stocks did the heavy lifting Monday, offsetting losses elsewhere. (Courtney Crow/New York Stock Exchange via AP / Associated Press)
The European Union’s foreign policy chief, Josep Borrell, joined a growing chorus of international criticism of the alleged atrocities, saying the 27-country bloc “will advance, as a matter of urgency, work on further sanctions against Russia.”
Meanwhile, shares fell Tuesday in Asia and oil prices advanced after a tech-driven rally on Wall Street. Trading was light with many regional markets including those in China closed for holidays.
Tokyo’s Nikkei 225 index edged 0.1% lower to 27,705.25 and the Kospi in Seoul also fell 0.1%, to 2,755.36. The S&P/ASX 200 gained 0.7% to 7,565.80. Malaysia fell while Singapore gained.
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Russia’s invasion of Ukraine has elevated concerns about rising inflation and the impact on global economic growth. Prices for everything from food to clothing were already rising and the war has added to volatility for energy prices.
The World Bank has downgraded its 2022 growth forecast for the Asia-Pacific region to 5% from 5.4%, in part due to disruptions to supplies of commodities, financial strains and higher prices. That follows a rebound to 7.2% growth in 2021 after many economies experienced downturns with the onset of the pandemic.
The report forecasts slower growth and rising poverty in the Asia-Pacific region this year as “multiple shocks” compound troubles for people and for businesses.
Oil prices have been hovering around $100 a barrel, a hardship for many countries that depend on imports of oil and gas.
U.S. crude climbed $1.20 to $104.48 per barrel early Tuesday in electronic trading on the New York Stock Exchange. Brent was up $1.33 at $108.86 per barrel.
The price of U.S. benchmark crude jumped 4% on Monday and Brent crude, the standard for international pricing, rose 3%.
The yield on the 10-year Treasury was at 2.40% early Tuesday, near its Monday close of 2.41%.
Bond yields have been climbing all year as Wall Street prepares for higher interest rates. The Federal Reserve has already raised its key overnight rate once, the first such increase since 2018. The central bank is expected to continue raising rates throughout 2022 to help counter the impact from rising inflation.
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The Fed is due to release minutes from its last meeting on Wednesday.
In currency trading, the U.S. dollar slipped to 122.54 Japanese yen from 122.79 yen. The euro weakened to $1.0970 from $1.0976.