S&P 500 rallies for third straight day By ross_burland SP500 Equities Ukraine
The S&P 500 gained 0.7% while the Nasdaq Composite added 1.3%.on Wall Street rallied in a late rally on Monday as big tech names supported the Nasdaq, the S&P 500 and the Dow. At the same time, investors cheered the prospects of positive progress in the development of peace talks between Russia and Ukraine.
The Dow Jones Industrial Average ended up 0.3%, the S&P 500 gained 0.7% while the Nasdaq Composite added 1.3%. In standout movers, Tesla Inc was the biggest support to the S&P 500. The carmaker said it will seek investor approval to increase its number of shares to enable a stock split. Meanwhile, the S&P energy index was the worst-performing sector in the session.were under pressure at the start of the week.
Additionally, a sell-off in the bond market resumed on Monday as short-dated yields hit their highest since 2019. The yield curve that is measured by the gap between five- and 30-year yields briefly inverted for the first time since early 2006. This has heightened the worries that the Federal Reserve's more aggressive monetary policy will damage economic performance and potentially cause a recession.
As for data, the Dallas Federal Reserve's monthly manufacturing survey for March, a narrower advance trade gap for February and a rise in inventories. The Dallas Fed's Manufacturing Activity Index dropped to 8.7 in March from 14 in February, in contrast to other regional data that indicated expansion in the sector.
Additionally, the trade gap narrowed 0.9% to $106.6 billion in February amid higher exports. The updated trade data for the month will be released on April 5. Lastly, Wholesale Inventories rose by 2.1% in February and retail inventories by 1.1%. Wholesale inventories will be updated on April 8, while retail inventories will be updated on April 14.
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