USA stock markets rebounds on report of trade talks with China

Tech, banks lead US stocks sharply higher; Dow up 650 points

The Dow Jones Industrial Average had its biggest point gain since 2008 on speculation that possible trade talks between the USA and China will avert a trade war.

Technology companies accounted for much of the broad rally, which powered the Dow Jones industrial average to a gain of almost 670 points.

Strong gains in technology companies and banks are leading stocks higher as the market recoups some of its huge losses from last week. Investors were encouraged by signs Washington and Beijing are open to negotiating on trade. The S&P 500's fall of 46 points was a 1.7 percent slide. The Dow Jones Industrial Average sank 344 points, or 1.4%, to 23,859.

The Nasdaq composite fell 2.9 percent to 7,008.81 as shares of Apple and Amazon declined. MKM technical analyst Jonathan Krinsky notes that the percentage of Russell 3000 stocks trading above their 200-day moving average-a sign of a long-term uptrend-dropped below 60% on February 5, and since then has stayed there on all but a small number of days.

Eurozone shares fell 1.2% on Friday and the US S&P 500 fell 2.1% as worries about a trade war, China slowing U.S. bond buying, whether John Bolton's appointment to Trump's team as National Security Adviser will increases the risk of sanctions on Iran and a possible increased tensions in the Middle East.

In Europe, France's CAC 40 rose 1.4 percent to 5,139 while Germany's DAX rose 1.9 percent to 12,007.

The S&P 500 climbed 3 points, or 0.2 percent, to 2,663.

Technology stocks and banks, which took some of the worst losses last week, powered higher Monday. Microsoft climbed $5.13, or 5.9 percent, to $92.32.

Meanwhile, a top trade negotiator for South Korea said the nation has agreed to further open its auto market to the United States as the two countries prepare to amend their six-year-old trade agreement. Last week, the 10-year yield fell sharply to 2.81% last week as investors sought safe haven from volatile stocks.

Finish Line vaulted 29.9 per cent after the sporting goods retailer agreed to be bought by JD Sports Fashion PLC.

The S&P 500 is now down 9.9% from its January record high, while the Nasdaq is down 7.9% from its peak earlier this month. Bank of America added 95 cents, or 3.3 percent, to $30.13.

ENERGY: Benchmark U.S. crude declined 30 cents to settle at $65.25 a barrel on the New York Mercantile Exchange. The stock eked out a gain of 67 cents, or 0.4%, to 160.06 dollars.

CURRENCIES: The dollar rose to 105.54 yen from 105.22 yen on Monday. Brent crude, used to price worldwide oils, shed 33 cents to close at $70.12 in London. Separately, the latest Standard & Poor's CoreLogic Case-Shiller national home price index shows prices jumped 6.2 percent in January from a year earlier, pushed higher by a persistent shortage of homes for sale. Wholesale gasoline lost 2 cents to $2.01 a gallon. Britain's FTSE 100 gained 0.3 percent.

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