US equities had a sharp turnaround on Monday after several sessions of losses dragged the market down last week. The S&P 500 climbed 1.47% (40.23 points) throughout the day, and the Nasdaq increased 2.02% (149.92 points). The Dow started the session out with losses but by the time the market closed, it was up 0.79% (200.64 points).
Initially, the Dow was dragged down by Boeing’s (BA) losses after Sunday’s deadly 737 Max 8 aircraft crash. At one point in the session, the company declined to 13.5% but had pared losses to 5.33%. Every other component of the Dow saw gains today. Apple (AAPL) led the way with an increase of 3.46% while the 3M Company (MMM) rose 3.09%.
Atossa Genetics (ATOS) rode the wave of increases today to finish the session up 0.67%.
The morning started off well with the Census Bureau reporting the January retail sales had beat expectations. Retail sales of a control group that doesn’t include things like food services and gasoline stations increased 1.1% in January, much better than the 0.6% rise that had been predicted.
Ian Shepherdson with Pantheon Macroeconomics noted, “Overall, these data signal a clear increase in total consumers’ spending in January.”
Tomorrow CPI data for February will likely play a key roll in the direction the market takes, with analysts expecting a 0.2% increase from January. And any developments in the U.S-China trade talks could help to move equities – either positively or negatively.
Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.
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