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The Dow jumped 417.86 points (1%) to 42,001.76 and the S&P 500 climbed 30.91 points (0.6%) to 5,611.85. The Nasdaq bounced well off its lows but still ended the day down 23.70 points (0.1%) at 17,299.29. Trump told reporters aboard Air Force One on Sunday that the reciprocal tariffs would target all countries and not just a smaller group with the biggest trade imbalances. Traders worry Trump's tariffs and possible retaliatory actions by targeted countries will fuel inflation, keep interest rates elevated and drag down global economic growth. On the U.S. economic front, MNI Indicators released a report showing an unexpected increase by its reading on Chicago-area business activity in the month of March. MNI Indicators said its Chicago business barometer climbed to 47.6 in March from 45.5 in February. Biotechnology stocks helped lead the rebound on Wall Street, with the NYSE Biotechnology Index surging by 3.3%. Banking stocks displayed significant strength, as reflected by the 1.3% gain posted by the KBW Bank Index. Utilities and oil producer stocks were notably strong while considerable weakness remained visible among airline and computer hardware stocks. Asia-Pacific stocks moved mostly lower. Japan's Nikkei 225 Index plunged by 4.1%, while Hong Kong's Hang Seng Index slumped by 1.3%. The major European markets significantly moved downwards while the U.K.'s FTSE 100 Index is down by 1.0%, the German DAX Index and the French CAC 40 Index are down by 1.6%. In the bond market, treasuries are extending the strong upward move seen in the previous session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 3.4 bps at 4.22%. Powered by Capital Market - Live News |