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Stocks end higher, posting biggest intraday comeback in 3 months: Investors shake off worries over U.S.-Iran tensions.. Dow recovers from 200-point drop to finish higher.
U.S. stocks ended higher on Monday, rebounding from Friday’s losses as investors brushed aside increased tensions in the Middle East, while shares of Alphabet and other internet names gained. Treasuries and the dollar dropped.
The S&P 500 rose for the third time in four sessions, erasing early losses.
Big tech stocks led the gains. Facebook and Amazon both rose more than 1%, and Netflix and Google-parent Alphabet advanced 3.1% and 2.7%, respectively.
Monday’s gains were in contrast to Friday’s sharp decline. The Dow and S&P 500 had their worst trading day in a month on Friday, the morning after President Donald Trump approved a U.S. airstrike in Baghdad that killed top Iranian Gen. Qasem Soleimani.
At their lowest points on Monday, the Dow was down 0.9%, the S&P 0.6% and the Dow 0.8%, before pulling off their best single-day comeback since Oct. 3 for each benchmark and their second-highest closes on record, according to Dow Jones Market Data.
Appetite for stocks perked up Monday as investors looked past escalating tensions in the Middle East following the killing of Iranian Major Gen. Qassem Soleimani by the U.S. on Iraqi soil last week and its effect on geopolitics in the oil-rich region.
We’re just slightly off all-time highs, even with all the rhetoric and military issues that have occurred over the last few days, That’s a very bullish sign.
If you were looking for a reason to sell, you got one, But the fundamental backdrop hasn’t changed in front of our eyes.
Equity benchmarks reversed earlier losses despite mounting Middle East tensions as President Donald Trump threatened sanctions and said he wouldl demand compensation from Iraq for U.S. military forces if Baghdad follows through on draft legislation to push American forces out of the country following the killing of Soleimani.
The news sparked a bid on oil prices amid worries the conflict could disrupt the world’s oil supply. Crude rallied more than 3% on Friday to its highest level since April. Oil briefly rose 2% earlier in Monday’s session before settling little changed.
Trump said Sunday he could slap sanctions on Iraq after its parliament passed a resolution calling for the government to expel foreign troops from the country.
Separately, the president said that the U.S. is prepared to target 52 Iranian sites if Iran strikes any Americans or American assets.
Soleimani was the head of Iran’s Islamic Revolutionary Guard’s Quds Force, and the U.S. has said the strike was aimed at deterring future Iranian attacks orchestrated by the top general.
On Monday, gold futures hit their highest level in more than six years. The benchmark 10-year Treasury yield hovered around 1.8% after starting 2020 trading above 1.9%. Yields move inversely to prices.
By: via @AlliesFin Serve T.ME/ALLiESFiN
