Markets Now: Dow Gains 150 Points. Buy in May?
Want to know why the Dow Jones Industrial Average is doing what it's doing? Check back here for a semi-live look at the volatile markets from Barron's reporters.
11:23 a.m. And up and up we go. The Dow Jones Industrial Average has gained 149.97 points, or 0.6%, to 24,981.14, while the S&P 500 has risen 0.4%, to 2738.62, and the Nasdaq Composite has climbed 0.6% to 7447.73.
As much as we'd like to credit the move to the possible detente between the U.S. and China on trade (see below), the market was set up for a gain by last week's big rise, with breadth expanding, tech and semiconductor stocks rising, and oil & energy making continued gains, among other factors. "The sum of which continues to suggest that you Buy in May, Mold things out of clay and eat some hay," writes Evercore ISI technical analyst Rich Ross. "The S&P 500 is in an outstanding technical position."
Dow Set for 60-Point Rise as Market Asks,'What Trade War?'
6:55 a.m. Happy Monday! S&P 500 futures have risen 0.2%, while Dow Jones Industrial Average futures have gained 66 points, or 0.3%. Nasdaq Composite futures have advanced 0.2%.
The rise comes after President Donald Trump said he would work to keep China's ZTE in business following a previous order to prohibit US companies form exporting their products to it. "Futures are modestly higher on more optimism that U.S./China trade tensions will continue to recede," writes The Sevens Report's Tom Essaye.