Published: Tue, March 27, 2018
Sci-tech | By Jackie Newman

Dow set to climb 300 points as trade war fears cool

Dow set to climb 300 points as trade war fears cool

Traders were inspired to pick up stocks at reduced levels amid easing concerns about a potential trade war between the US and China. S&P 500 futures have risen 1.2%, while Dow Jones Industrial Average futures have advanced 256 points, or 1%, as government officials talked down the impending tariffs against China. Bank of America climbed 4.4 percent. Major indexes logged their worst week since January 2016 on Friday, with the Dow plunging 424.69 points.

Chinese Premier Li Keqiang also told a conference on Monday that the US and China should maintain negotiations to avoid a trade war.

The Wall Street Journal reported late Sunday that the United States and China started quietly negotiating to expand USA companies' access to Chinese markets.

All told, the Dow, S&P 500 and Nasdaq posted their best one-day gains since August 2015, making up slightly more than half of the market's losses on Thursday and Friday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.

President Trump last week announced his intention to impose at least $60 billion in tariffs on Chinese imports into the United States.

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Banks benefited from a pickup in bond yields.

ON THE WAY OUT: Lowe's jumped 7.1 percent after the home-improvement retailer said Chairman and CEO Robert Niblock is retiring. Shares of Facebook gained 0.42 percent at the close. Last week, the 10-year yield fell sharply to 2.81% last week as investors sought safe haven from volatile stocks. The Federal Trade Commission confirmed Friday that it is investigating Facebook's privacy practices, including whether the company engaged in "unfair acts" that cause "substantial injury" to consumers.

Last week, Brent gained 6.4 percent and WTI rose 5.7 per cent, the strongest weekly gains since July.

Benchmark U.S. crude fell 33 cents to settle at $65.55 per barrel on the New York Mercantile Exchange.

Gold rose $5.10 to $1,355 an ounce. Copper slipped 2 cents to $2.97 a pound. The euro strengthened to $1.2437 from $1.2367. While the U.K.'s FTSE 100 Index has edged down by 0.1 percent, the French CAC 40 Index and the German DAX Index are down by 0.3 percent and 0.4 percent, respectively.

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