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Close Update: Wall Street Surges With Dow Snapping Four-Day Slide as Trade War Fears Ebb

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Wall Street rallied on Monday, with widespread gains touching all sectors on the Standard & Poor's 500 while the Dow Jones Industrial Average stemmed a four-day losing skid as concerns about a trade war that dented markets last week eased back.

While President Donald Trump told reporters that the U.S. "has been ripped off by virtually every country in the world," he also said that "I don't think you'll have a trade war." Caterpillar ( CAT ) and Boeing ( BA ) -- stocks that were hit last week amid concerns about Trump's steel and aluminum tariffs, were among the best performers on the Dow.

Equity measures that started the session in the red recovered and built on the gains through the day. Utilities rallied 2% in the best increase on the S&P 500, while financials, real estate and materials were all up about 1.4%.

On the Nasdaq Composite, Micron Technologies ( MU ) climbed 5.9% and Netflix ( NFLX ) advanced 4.6% after Macquarie lifted its price target on the shares to $330 from $275.

Stocks got support too from major merger news, with XL Group ( XL ) surging after the company agreed to be acquired by French insurer AXA for $15.3 billion in cash. Boston Scientific (BSX) was firmer after acquiring EMcision, a privately-held medical device manufacturer focused on cancer treatment, for terms that weren't disclosed.

With economic data coming into focus this week ahead of Friday's nonfarm payrolls report, Monday's data showed the ISM non-manufacturing economic activity dipped slightly in February but was still above analysts' expectations as business activity and new orders measures grew. The final February services PMI was unchanged from the flash reason at 55.9, an increase from January's 53.3.

Here's where the markets stood by the close:

US MARKETS

Dow Jones Industrial Average was up 336.70 points (+1.37%)

S&P 500 was up 29.69 points (+1.10%)

Nasdaq Composite Index was up 72.84 points (+1.00%)

GLOBAL SENTIMENT

FTSE 100 was up 0.65%

Nikkei 225 was down 0.66%

Hang Seng Index was down 2.28%

Shanghai China Composite Index was up 0.07%

UPSIDE MOVERS

(+) GTXI (+38.31%) Phase 2 study shows enobosarm's potential to treat stress urinary incontinence

(+) CLSD (+32.1%) Reports positive results for treatment of macular edoma

(+) XL (+29.15%) To be acquired by AXA

(+) BEL (+5.68%) Reuters says InterContinental Hotels (IHG) is close to announcing luxury brand buy, Belmond reportedly could be candidate

(+) VRX (+3.49%) Deutsche Bank upgrades to buy, price target set at $18

DOWNSIDE MOVERS

(-) DERM (-65.86%) Phase 3 trial results for acne treatment did not meet endpoints

(-) BRFS (-19.43%) Reuters says Brazil police arrest former CEO on fraud charges

(-) USAK (-6.66%) Trade concerns weighing on trucking industry

(-) APRN (-5.11%) Walmart plans to start offering prepared meals at stores

(-) TGNA (-2.23%) Barclays cuts price target to $12, keeps underweight rating

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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