US close: Dow Jones reverses early losses, ends session firmly in the green

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Wall Street stocks ended the session in the green on Monday as major indices attempted to put a stop to a recent sell-off that has seen the Dow Jones put on a losing performance for four-straight weeks.

At the close, Dow Jones Industrial Average was 0.70% firmer at 33,049.46, while the S&P 500 was 0.57% stronger at 4,296.12 and the Nasdaq Composite saw out the session 1.29% higher at 13,004.85.

The Dow closed 238.06 points higher on Monday, taking a bite out of losses recorded at the end of last week as market participants continued to mull over the likelihood of interest rate rises.

Fears regarding a fresh Covid-19 outbreak in China were weighing on sentiment early in the session, dragging down oil prices. However, a rally in tech stocks like Alphabet, Meta Platforms and Microsoft, all of which will report before the week is out, saw the Dow reverse an almost 500-point intraday loss to end the session in positive territory.

As far as today’s corporate headlines went, Tesla boss Elon Musk won over the board of Twitter and struck a $44.0bn deal to take over the social media giant.

In terms of earnings, Coca-Cola beat first-quarter earnings projections with an EPS of $0.64 per share on revenues of $10.5bn, up 16% and ahead of the $9.83bn expected on the Street. Despite the cessation of its Russian unit, Coca-Cola also reiterated full-year guidance for revenue growth of 7-8% and comparable earnings per share growth of 5-6%.

On the macro front, the Chicago Federal Reserve‘s national activity index fell from 0.54 in February to 0.44 in March, the lowest reading in three months.

Dow Jones – Risers

Johnson & Johnson (JNJ) $186.01 2.46%
Microsoft Corp. (MSFT) $280.72 2.44%
American Express Co. (AXP) $184.10 1.97%
Salesforce.Com Inc. (CRM) $174.57 1.83%
Home Depot Inc. (HD) $304.96 1.61%
Walt Disney Co. (DIS) $119.95 1.42%
Cisco Systems Inc. (CSCO) $51.94 1.13%
Intel Corp. (INTC) $47.06 1.12%
McDonald’s Corp. (MCD) $252.88 1.08%
Coca-Cola Co. (KO) $65.94 1.06%

Dow Jones – Fallers

Verizon Communications Inc. (VZ) $50.28 -3.14%
Chevron Corp. (CVX) $157.49 -2.15%
Nike Inc. (NKE) $127.94 -0.88%
Dow Chemical Co. (DOW) $68.07 -0.63%
Boeing Co. (BA) $175.91 -0.57%
3M Co. (MMM) $148.60 -0.38%
Walgreens Boots Alliance, Inc. (WBA) $45.39 -0.33%
JP Morgan Chase & Co. (JPM) $126.77 -0.03%
Honeywell International Inc. (HON) $230.94 0.00%
Dowdupont Inc. (DWDP) $30.52 0.00%

S&P 500 – Risers

Fortinet Inc. (FTNT) $323.49 6.31%
Gap Inc. (GPS) $12.44 6.14%
Twitter Inc (TWTR) $51.70 5.66%
Kohls Corp. (KSS) $60.39 5.28%
Equifax Inc. (EFX) $213.40 4.81%
Universal Health Services Inc. (UHS) $138.76 4.39%
PulteGroup Inc. (PHM) $43.67 4.20%
D. R. Horton Inc. (DHI) $74.23 3.98%
Kimberly-Clark Corp. (KMB) $143.48 3.59%
Nektar Therapeutics (NKTR) $4.72 3.51%

S&P 500 – Fallers

Schlumberger Ltd. (SLB) $38.69 -7.11%
Halliburton Co. (HAL) $35.33 -6.26%
FMC Technologies Inc. (FTI) $7.73 -5.62%
Helmerich & Payne Inc. (HP) $43.51 -4.88%
Mosaic Company (MOS) $63.61 -4.73%
ConocoPhillips (COP) $91.66 -4.53%
Deere & Co. (DE) $385.71 -4.48%
ONEOK Inc. (OKE) $66.30 -4.30%
Apache Corp. (APA) $39.08 -4.00%
Eog Resources Inc. (EOG) $111.77 -3.75%

Nasdaq 100 – Risers

Mercadolibre Inc. (MELI) $1,041.92 6.34%
JD.com, Inc. (JD) $53.72 3.23%
Western Digital Corp. (WDC) $51.01 3.13%
Qurate Retail Inc. (QRTEA) $4.30 3.12%
Microchip Technology Inc. (MCHP) $68.10 3.07%
Alphabet Inc. Class C (GOOG) $2,465.00 3.04%
NetEase Inc. Ads (NTES) $88.37 2.92%
Alphabet Inc. Class A (GOOGL) $2,461.48 2.87%
Lam Research Corp. (LRCX) $476.42 2.87%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $418.14 2.86%

Nasdaq 100 – Fallers

Netflix Inc. (NFLX) $209.91 -2.60%
Take-Two Interactive Software Inc. (TTWO) $132.96 -2.53%
Hologic Inc. (HOLX) $72.73 -1.62%
Wynn Resorts Ltd. (WYNN) $72.21 -1.35%
Asml Holdings N.V. (ASML) $599.82 -1.28%
Sirius XM Holdings Inc (SIRI) $6.17 -1.28%
Illumina Inc. (ILMN) $319.10 -1.11%
American Airlines Group (AAL) $19.98 -0.99%
Trip.com Group Limited (TCOM) $21.62 -0.92%
Charter Communications Inc. (CHTR) $506.97 -0.86%