By April Joyner
NEW YORK (Reuters) – US shares ran on Monday and started the second quarter on a strong tone, as optimistic production numbers from China and the US eased concerns about slowing global growth.
The reference, which is only 2.2 percent during its record rise in September, triggered a "golden cross" pattern, with its 50-day moving average crossing the 200-day moving average. Many believe that the technical signal could represent several gains for short-term shares.
Gains in global stocks were spurred by data showing that China's manufacturing sector unexpectedly returned to March growth for the first time in four months.
The Chinese numbers jumped back and people are taking more risk today because of it, "said Michael O & # 39; Rourke, Marketing Manager at JonesTrading in Greenwich, Connecticut.
US manufacturing numbers for March were also better than expected , which helps investors overlook soft retail sales data in February
The increase 329.74 points or 1
Concerns about a global economic downturn have weakened sentiment since the Federal Reserve announced at the end of January that its monetary tightening would end earlier than expected as it did Cited "cross-flows" affecting the economy The shift in the Fed policy yielded 10-year government bonds over three-month bills last week for the first time in more than a decade.
The yield on 10-year notes has since risen over three months bill rates and on Monday hit a week's high. Monday's rise in helped lift financial stocks, giving S & P 500 the biggest boost in the index's 11 sectors. S & P 500 bank shares jumped 2.9 percent.
"Treasury proceeds had been priced in a bleak prospect, and now they are settling some of that negativity," said Keith Lerner, Marketing Manager at SunTrust Advisory Services in Atlanta. "So we see money moving back to cyclical areas, why economics are great leaders today."
Concerns about slowing momentum are not completely wiped out. With the quarterly result of the company's earnings reporting two weeks away, investors are rising for what may be the first US downturn since 2016. Analysts expect quarterly earnings to fall 2 percent, according to Refinitiv data.
Still Monday, most S&P sectors rose. Only consumer staples, real estate and supply stocks that tend to fall as 10-year government bonds are rising were in the red.
Auto shares rose after China's Cabinet said Sunday that it would continue to suspend additional tariffs on US vehicle and auto parts imports after April 1.
General Motors Co (NYSE 🙂 shares added 1.8 percent and Ford Motor (NYSE 🙂 Co shares gained 2.3 percent.
Chipmakers who draw much of their income from China also rose. The Philadelphia Semiconductor Index expanded 2.5 percent.
Shares in Wynn Resorts Ltd jumped 8.4 percent, mostly among S&P 500 companies, as the March revenue from the Chinese territory in Macao rose from the previous month.
Lift Inc (NASDAQ 🙂 shares tumbled 11.9 percent to end during their IPO price after the brokerage firm Guggenheim Securities started covering the company company's shares with a "neutral" rating. Lift debuted on Nasdaq on Friday.
Accelerated problems exceeded decreases on the NYSE with a 2.99 to 1 ratio; On the Nasdaq, a 2.11 to 1 ratio was advantageous highlight.
S & P 500 posted 63 new 52 week heights and no new downs; Nasdaq Composite registered 68 new highs and 28 new lows.
Volume on US stock exchanges was $ 7.11 billion. shares compared to DKK 7.47 billion. average over the last 20 trading days.