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After moving sharply lower early in the session, stocks showed a significant rebound over the course of the trading day on Monday. The major averages climbed well off their worst levels of the day to close mixed.<\/p>\n
The Dow jumped 417.86 points or 1 percent to 42,001.76 and the S&P 500 climber 30.91 points or 0.6 percent to 5,611.85.<\/p>\n
The Nasdaq bounced well off its lows but still ended the day down 23.70 points or 0.1 percent at 17,299.29<\/p>\n
The early weakness on Wall Street came amid ongoing concerns about the impact of President Donald Trump’s reciprocal tariffs on U.S. trade partners, which are due to be imposed on Wednesday, April 2nd.<\/p>\n
Trump told reporters aboard Air Force One on Sunday that the reciprocal tariffs would target all countries and not just a smaller group with the biggest trade imbalances.<\/p>\n
“You’d start with all countries,” Trump said. “Essentially all of the countries that we’re talking about.”<\/p>\n
Traders worry Trump’s tariffs and possible retaliatory actions by targeted countries will fuel inflation, keep interest rates elevated and drag down global economic growth.<\/p>\n
Selling pressure waned over the course of the session, however, as the Nasdaq and S&P 500 hit new six-months lows inspired some traders to pick up stocks at reduced levels.<\/p>\n
On the U.S. economic front, MNI Indicators released a report showing an unexpected increase by its reading on Chicago-area business<\/span> activity in the month of March.<\/p>\n MNI Indicators said its Chicago business barometer climbed to 47.6 in March from 45.5 in February. Economists had expected the reading to dip to 44.1.<\/p>\n With the increase, the index reached its highest level since November 2023, although it remained in contraction territory for the sixteenth successive month.<\/p>\n Sector News<\/p>\n Biotechnology stocks helped lead the rebound on Wall Street, with the NYSE Biotechnology Index surging by 3.3 percent.<\/p>\n Significant strength also emerged among banking stocks, as reflected by the 1.3 percent gain posted by the KBW Bank Index.<\/p>\n Utilities and oil producer stocks also saw notable strength, while considerable weakness remained visible among airline and computer hardware stocks.<\/p>\n Other Markets<\/p>\n In overseas trading, stock markets<\/span> across the Asia-Pacific region moved mostly lower during trading on Monday. Japan’s Nikkei 225 Index plunged by 4.1 percent, while Hong Kong’s Hang Seng Index slumped by 1.3 percent.<\/p>\n The major European markets also showed significant moves to the downside. While the U.K.’s FTSE 100 Index is down by 1.0 percent, the German DAX Index and the French CAC 40 Index are down by 1.6 percent.<\/p>\n In the bond market, treasuries are extending the strong upward move seen in the previous session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 3.4 basis points at 4.221 percent. <\/p>\n<\/p>\n Business News<\/p>\n<\/div>\n