Monday's Market Recap - Dow Soars More Than 200 Points, In The Aftermath Of Successful Strike On
What is The Premarket Telling Us?
7:00 AM.
US stock futures are trending solidly higher two and a half hours before the opening bell, indicating a positive opening for the markets. Dow futures up 161 points, Nasdaq futures up 43 points, and S&P futures up 17 points.
Markets appears to have shaken off the US and allies strike on Syria on Friday night, as punishment for it's use of chemical weapons on it's citizens, just over a week ago. The strikes seem to have taken out the targeted chemical plant/facilities, with so far, no reported civilian casualties.
On The Bond Desk:
The US 10 Year Bond Yield has ticked up to 2.83%.
Currency Desk:
Euro dollar: 1.23
UK Pound: 1.43
Crude Oil:
WTI crude oil futures at $66.70/barrel,down 1.02%.
On the Earnings Calendar:
Bank of America reported strong quarterly earnings.
Netflix reports first quarter earning results after the bell today.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets closed mixed. Japan (Nikkei 225) up 0.26%, Shanghai fell 1.53%, Hong Kong (Hang Seng) lost 1.60%.
Major European markets closed mostly lower. German (DAX) down 0.41%, France CAC 40 up up 0.07%, London FTSE down 100 down 0.91%.
Market And Sector Dynamics
Markets opened the trading day higher, with the Dow rallying 190 points, Nasdaq gained 43 points, and the S&P gained 17 points. Stocks are in rally mode as investors seems satisfied that tensions around Syria, has eased, at least for now, after the US, Britain, and France bombed Syria's chemical weapons facilities overnight last Friday.
Strong first quarter financial results form Bank of America before the bell this morning, is also to helping to push markets higher.
Stocks rallied steadily for the entire trading session, with the Dow reaching a high of 314 point, around 1:00 PM EST.
Market tone was positive, and the rally was broad based. All eleven S&P sectors were positive. Telecommunication services, utilities, basic materials, consumer staples, energy, and industrials.
Factors Influencing Today's Market
Easing of geopolitical tension with Syria after, the successful military strike in Syria on Friday.
Strong first quarter earnings from Bank of America.
The US 10 year bond yield has ticked up and closed the day at 2.83%.
Crude oil prices traded lower in the session. WTI crude oil price closed $66.44/barrel, down 1.04%.
Market Close Volume Traded And Advance Decline Ratio
When the markets closed, the Dow jumped 212.90 points, Nasdaq rose 49.63 points, and the S&P added 21.54 points. Total NYSE volume traded, a light 2.98 billion shares, Advancing shares outpaced Declining shares nearly 3:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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