Wall Street Close: US benchmarks rally into session end for a positive close
- The Dow Jones Industrial Average added 26 points, or 0.1%.
- The S&P 500 index put on 12 points, or 0.4%.
- The Nasdaq Composite index added106 points, or 1.2%.
US benchmarks climbed into the close on Monday, brushing off the doom and gloom pertaining to the heightened tensions between the US and China that roiled markets at the start of the week in Asia and Europe.
China and US head to head
The US is calling out China to have withheld information which ultimately led to the global pandemic, in their view, albeit with it being unsubstantiated at this point in time. The WHO has confirmed it has not received evidence from Washington about its speculation about Wuhan laboratory. Trump's administration, however, has been suggesting it could impose additional tariffs on Chinese goods in retaliation.
Also, In response to Mike Pompeo, Secretary of State, interview and accusations on ABC News reported on here: What you need to know as markets open: Pompeo and Trump ratcheted up US and China tensions, the Global Times (GT) wrote an editorial here: Pompeo's anti-China bluff strategy reveals all-or-nothing mentality to fool US voters – GT.
Meanwhile, US factory orders tumbled 10.3% m/m in March and final durable goods were down 14.7% MoM. Factory orders ex-transport fell 3.7%. A lot worse is to come during April as the lockdown intensified last month.
Nevertheless, the Dow Jones Industrial Average added 26 points, or 0.1%, to end the session around 23,750, the S&P 500 index put on 12 points, or 0.4% to close near 2,843 and the Nasdaq Composite index added106 points, or 1.2% to about 8,700.
DJIA levels