Investing.com - U.S. stocks rose on Monday even after Crimea
voted overwhelmingly in favor of becoming part of Russia, as an
absence of violence and less sanctions from the West fueled
appetite for risk-on assets.
At the close of U.S. trading, the Dow Jones Industrial Average
rose 1.13%, the S&P 500 index rose 0.96%, while the Nasdaq
Composite index rose 0.81%.
Investors ended the session applauding events in Europe, after
over 90% of Crimean voters on Sunday chose to break with Ukraine
and join Russia. Crimea's Parliament on Monday formally asked to
join the Russian Federation.
Sanctions followed as expected.
European Union foreign ministers imposed travel bans and asset
freezes on 21 people they have linked to the push to have Crimea
secede from Ukraine and be annexed by Russia. U.S. President Barack
Obama also imposed sanctions on several Russian officials involved
in the incursion of Crimea, which included freezing assets in the
Still, markets were expecting more action from the West, and the
muted response coupled with an absence of widespread violence in
the region sparked appetite for risk-on assets, stocks
Hit-or-miss U.S. economic indicators failed to halt the rally,
as investors concluded that when viewed over the long term, the
data pointed to an economy that continues to improve and will
bolster corporate fundamentals over the long term.
Data revealed earlier that U.S. industrial production rose 0.6%
in February, exceeding expectations for a 0.1% gain. Industrial
production in January was revised to a 0.2% fall from a previously
estimated 0.3% decline.
In a separate report, the Federal Reserve Bank of New York said
its Empire State manufacturing index ticked up to 5.6 this month
from 4.5 in February, missing expectations for a rise to 6.0.
Leading Dow Jones Industrial Average performers included IBM, up
1.92%, Boeing, up 1.86%, and 3M, also up 1.86%.
The Dow Jones Industrial Average's worst performers included
McDonald's, up 0.01%, Coca-Cola, up 0.21%, and Home Depot, up
European indices, meanwhile, finished higher.
After the close of European trade, the EURO STOXX 50 rose 1.52%,
France's CAC 40 rose 1.32%, while Germany's DAX 30 rose 1.37%.
Meanwhile, in the U.K. the FTSE 100 rose 0.62%.
On Tuesday, the U.S. is to produce data on consumer inflation as
well as reports on building permits and housing starts.
offers an extensive set of professional tools for the financial
Read more News on Investing.com and download the new
Investing.com Stocks & Forex App