Markets closed up today, with the Dow gaining 330 points, or 1.27%, for its best day since Feb. 15. The markets hit a session high after strong U.S. manufacturing data for March was released.
Stocks jumped on Monday as strong manufacturing data out of the U.S. and China eased worries of a possible global economic slowdown.
Bank stocks rose broadly. Citigroup, Goldman Sachs, Morgan Stanley, Bank of America and J.P. Morgan Chase all closed at least 2.5 percent higher. The SPDR S&P Bank ETF jumped 2.8 percent as yield rose. "But these positive developments mentioned above do not mean all risks have been resolved. A US-China trade deal has not yet been finalized and could still falter," said Adrian Zuercher, head of APAC asset allocation at UBS Global Wealth Management's Chief Investment Office."China's government stimulus, while supportive, won't be of the magnitude of 2009 or 2015. The China earnings downgrade cycle, while slowing, is not yet complete.
The yield on the 10-year Treasury note recently dipped below that of the 3-month bill, in what's known as a yield curve inversion. A yield curve inversion is seen as a trusted predictor of a recession. The spread between widened on Monday, as the 10-year rose to 2.49 percent.
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