U.S. stocks closed mixed after a somewhat volatile session on Monday as the mood remained a bit cautious amid news about a large hedge fund defaulting on a margin call.
US hedge fund Archegos Capital reportedly failed to meet its margin call obligations, prompting banks to sell more than $20 billion worth of shares in margin call on Friday.
The major averages ended mixed. The Dow, which hit a fresh high at 33,259.00, ended the session at 33,171.37 with a gain of 98.49 points or 0.3 percent. The Nasdaq settled at 13,059.65, losing 7.08 points or 0.6 percent, while the S&P 500 edged down 3.45 points or 0.09 percent to 3,971.09.
Boeing (BA) rallied about 2.3 percent, riding on news that Southwest Airlines has agreed to buy 100 Boeing 737 Max 7 planes.
Procter & Gamble (PG), Amgen (AMGN), Coca-Cola (KO), Verizon (VZ) and Walmart (WMT) also ended notably higher.
JP Morgan Chase (JPM) and American Express (AXP) ended weak.
In overseas trading, European stocks closed mostly higher on Monday although buying interest was a bit subdued amid lingering concerns about rising coronavirus cases and lockdown measures.
Asian stocks ended mixed on Monday as new coronavirus cases increased in the U.S., and China imposed retaliatory sanctions on U.S. and Canadian individuals and entities during the weekend. Chinese shares moved higher on data showing an increase in China’s industrial profits in the first two months of 2021.
In commodities, West Texas Intermediate crude oil futures for May were gaining $0.63 or 1.03% at $61.60 a barrel.
U.S. Stocks Close Mixed; Dow Hits New High
2021-03-29 20:57:46
