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Finance: Dow Jones soars to 3rd-biggest point gain ever
PublishedBy: in E! NewsMarch 26, 2018

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Stocks saw their worst week in two years last week.

The Dow Jones industrial average soared 664 points, or 2.83%, on Monday — its third-largest single day gain — as investors' fears of a trade-war between the US and China appeared to subside.

Here's the final scoreboard:

  • Dow: 24,198.10 (+2.83%)
  • S&P 500: 2,657.90 (+2.69%)
  • Nasdaq: 6,754.54 (+3.79%)

Microsoft was the top-performing component of the 30-stock group on Monday, rising more than 7% after an extremely bullish upgrade from Morgan Stanley said the stock could reach a $1 trillion market cap within the next 12 months.

Other tech names, like Intel, Apple and Cisco, also fueled the index's surge.

Facebook, on the other hand, tempered some of the Nasdaq's gains, falling as much as 6% in trading as the data scandal involving the 2016 election and research firm Cambridge Analytica continues.

10-year treasury yields rose one basis point to 2.82%. West Texas intermediate oil fell half a percent to $65.55 — just above the critical breakeven cost per barrel for energy producers.

Monday's gains come the week after stocks saw their worst drop in more than two years, falling 5.9%. JPMorgan said the steep decline took the S&P 500 index below a key technical support level that could open the floodgates to further selling.

"The question on everyone's mind is: Is this an 'ice cube' or the tip of an iceberg," Ethan Harris, the head of global economics research at Bank of America Merrill Lynch, wrote in a client note Friday.

President Donald Trump voiced confidence in American markets as well.

"The economy is looking really good. It has been many years that we have seen these kind of numbers," he tweeted Monday morning. "The underlying strength of companies has perhaps never been better."

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