Monday, 23 April, 2018

Stocks trim opening losses despite trade worries, jobs disappointment

Dow drops more than 400 points on fears of trade war with China Modal Trigger Getty Images
| 07 April, 2018, 00:59

It fell modestly for the week. Caterpillar and other industrial companies rely heavily on overseas sales and could suffer if commerce is curtailed by rising trade barriers.

Bob Smith, president and chief investment officer at Sage Advisory Services Ltd Co in Austin, Texas, said the markets were going to react adversely to Trump's latest statement.

The Dow recovered some of its worse losses to end down 2.3 percent at 23,932.

The stock posting the largest daily percentage gain in the S&P 500 ahead of the close Thursday was Diamond Offshore Drilling, Inc. "We are not in a trade war with China, that war was lost many years ago by the foolish, or incompetent, people who represented the U.S. Now we have a Trade Deficit of $500 Billion a year, with Intellectual Property Theft of another $300 Billion".

Aerospace giant Boeing fell the most in the Dow, dropping 3.4 percent. Technology companies, banks, industrial and health care stocks sank. The Dow dropped 456 points at session's low. It fell 0.7 percent for the week.

Benchmark U.S. crude dropped $1.48, or 2.3 percent, to $62.06 a barrel in NY while Brent crude, used to price worldwide oils, lost $1.22, or 1.8 percent, to $67.11 per barrel in London.

Amid the focus on trade relations, the Commerce Department released a report showing the US trade deficit widened by more than anticipated in the month of February.


Oil service stocks are turning in some of the market's best performances in mid-day trading, resulting in a 4.6 percent jump by the Philadelphia Oil Service Index.

The market has been on a bumpy ride this week as traders try to get a sense of whether a trade dispute between the two nations will escalate. Direxion Daily S&P 500 Bull 1.25X Shares has a 12 month low of $30.17 and a 12 month high of $40.38. The index is now down for the week.

The Dow Jones Industrial Average advanced 239.33 points, or 1.0% to 24,503.77 after swinging 741 points in Wednesday's highly volatile session. The Nasdaq composite advanced 0.5 percent to 7,076.55.

President Donald Trump's administration spent the past few days reassuring investors that it's not rushing into a trade war, and China's government has done the same.

Boeing rose 1.9% and Caterpillar gained 1.5%.

A separate report from the Labor Department showed a bigger than expected increase in initial jobless claims in the week ended March 31st. Friday's downdraft also came amid a jobs report for March that produced a weaker-than-expected headline figure, showing the US economy added just 103,000 jobs versus forecasts for a rise of 170,000.

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