Asian Morning SNP Up 1 Percent on Hopeful Economy Reopening

Wall Street sign with a building in background
On Monday U.S. stocks advanced further. Investors were encouraged to see that some states started to ease stay-at-home restrictions and reopen businesses in phases amid slowing new coronavirus infections.

The Dow Jones Industrial Average charged 358 points higher (+1.5%) to 24,133, the S&P 500 rose 41 points (+1.5%) to 2,878, and the Nasdaq 100 was up 51 points (+0.6%) to 8,837.

S&P 500 Index: Daily Chart

Source: GAIN Capital, TradingView

All 11 major sectors of the S&P 500 closed higher, with Banks (+5.5%), Automobiles & Components (+3.87%) and Commercial & Professional Services (+3.36%) sectors performing the best. 

Kohls Corp (KSS +17.7%), PVH Corp (PVH +15.2%), Nordstrom (JWN +13.6%) and Gap Inc (GPS +12.9%) were among the top gainers.
Coty (COTY -13.2%), Regeneron Pharmaceuticals (REGN -3.3%) and American Airlines (AAL -2.8%) were laggards.
On the technical side, about 23.0% (20.4% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average, and 80.0% (71.7% in the prior session) were above their 20-day moving average.

Later today, official data on Wholesale Inventories for March (preliminary reading, -0.4% on month expected) and the Conference Board's Consumer Confidence Index for April (falling to 88.0 expected) will be released.

European stocks had a good day, with the Stoxx Europe 600 Index jumping 1.7%. Germany's DAX surged 3.1%, the U.K.'s FTSE 100 gained 1.6% and France's CAC bounced 2.6%.

U.S. Treasury prices turned downward as investors' risk appetite grew. The benchmark 10-year U.S. Treasury yield stepped up 6.1 basis points to 0.655%.

Spot gold fell 16 dollars or 1% to $1,710 an ounce.

Oil prices ended a four-day rally. United States Oil Fund (USO -14.8%), the world's largest oil-backed exchange-traded fund, announced plans to exit its long positions in the front-month WTI crude contract.

U.S. WTI crude oil futures plunged 25.0% to $12.78 a barrel, and Brent crude oil futures lost 6.8% to $19.99 a barrel.

Related tags: Equities Indices Gold Oil

Open an account in minutes

Experience award-winning platforms with fast and secure execution.

Live Trading Webinars

Our interactive webinars, led by our industry experts, come highly recommended and can help provide your trading with the edge it needs.
Economic Calendar