Wall Street jumps more than 300 points as Financials took the lead
InvestingOnline.com
10/07/2018, 00:47Banks and financials shares performed its best day since late March and fueled Dow Jones to close more than 300 points positive on the day. Stocks rallied for a third consecutive day as concerns on the trade war took a breath today.
News about resignations of the United Kingdom foreign secretary Boris Johnson and Brexit secretary David Davis moved the market as investors reacted selling the British Pound but the effect in stocks was minimal.
In Europe, the FTSE advanced 0.92%, or 70.29 points, to 7,687.99; the DAX rose 47.72 points or 0.38% to 12,543.89; finally, the CAC advanced 22.43 points, or 0.42%, to close the day at 5,398.11.
The DJIA finished sharply higher on Monday as the index closed 1.31% up, 320.11 points on the day. The Dow crossed its 50-day moving average after advancing 1.93% in the last five trading days to close at 24,777.
The S&P advanced 0.88%, or 24.35, on the day to close at 2,784.17. In the last five trading sessions, the S&P rose 2.11%.
The NASDAQ rose 67.81 points, or 0.88%, on Monday as risk sentiment came back to buy stocks. $COMP climbed 2.49% in the last five trading days to close at 7,756 on Monday.
Most sectors close positive on the day. The best performers were financials, +1.38%, industrial with 1.21% gains on the day, and the Energy sector which rose 1.09% on Monday.
Three sectors posted declines on the day with Utilities being the worst performer with a drop of 1.95%, then real estate that closed 0.79% down on Monday, and 0.14% lost consumer staples.
Among the high volume share traded, Bank of America rallied 3.64% on the day, Micron Technology jumped 2.03%, while Chesapeake Energy Corporation advanced 1.89%. The biggest losers in the day were Twitter that collapsed 5.38% on Monday, and Toyota, who posted 0.09% declines on the day.
