U.S. markets closed

US Indexes Close Higher Monday

The Dow Jones Industrial Average closed at 26,703.32 on Monday with a gain of 1,293.96 points or 5.09%. The S&P 500 closed at 3,090.23 for a gain of 136.01 points or 4.60%. The Nasdaq Composite closed at 8,952.16 for a gain of 384.80 points or 4.49%. The VIX Volatility Index was lower at 33.42 for a loss of 6.69 points or -16.68%.

Monday's market movers

U.S. indexes closed higher Monday on sentiment that the central banks globally may step up stimulus due to coronavirus affects on the economy. Goldman Sachs' economists released a report suggesting a 50 basis point reduction in the federal funds rate from the Federal Open Market Committee at or before their next mid-March meeting. In Washington state, four new deaths from the coronavirus were reported, bringing the U.S. death count to eight. New infections were also reported in New York, Rhode Island and Florida.

Tilray (NASDAQ:TLRY) reported its fourth-quarter earnings. Revenue of $46.94 million increased 202.3% year over year and missed estimates by $8.58 million. A fourth-quarter GAAP earnings loss of $2.14 missed estimates by $1.80 and a non-GAAP earnings loss of 62 cents missed estimates by 24 cents.

Economic reports affecting market trading included the following:

  • The Markit Manufacturing PMI decreased to 50.7 in February from 51.9.
  • The ISM Manufacturing PMI decreased to 50.1 in February from 50.9. Separately, the ISM Manufacturing New Orders Index decreased to 49.8 from 52.0, the ISM Manufacturing Prices Index decreased to 45.9 from 53.3 and the ISM Manufacturing Employment Index increased to 46.9 from 46.6.
  • Construction spending increased 1.8% in January following an increase of 0.2%.
  • The Treasury held auctions for six-month bills at a rate of 1.01% and three-month bills at a rate of 1.155%.

In the S&P 500, utilities and technology led gains. In the Dow Jones Industrial Average, the following stocks led gains:

  • Apple (NASDAQ:AAPL) 8.47%
  • Walmart (WMT ) 7.20%
  • UnitedHealth (NYSE:UNH) 7.12%
  • Travelers (NYSE:TRV) 6.57%
  • Merck (NYSE:MRK) 6.28%
  • Microsoft (NASDAQ:MSFT) 6.22%

Small-cap stocks

In small caps, the Russell 2000 closed at 1,518.49 for a gain of 42.06 points or 2.85%. The S&P 600 closed at 907.89 for a gain of 23.11 points or 2.61%. The Dow Jones U.S. Small-Cap Growth Index closed at 9,895.21 for a gain of 262.58 points or 2.73%. The Dow Jones U.S. Small-Cap Value Index closed at 8,673.55 for a gain of 274.09 points or 3.26%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,875.47 for a gain of 61.47 points or 3.39%; the S&P 100 at 1,388.71 for a gain of 64.28 points or 4.85%; the Nasdaq 100 at 8,877.98 for a gain of 416.14 points or 4.92%; the Russell 3000 at 1,805.71 for a gain of 75.40 points or 4.36%; the Russell 1000 at 1,708.13 for a gain of 72.92 points or 4.46%; the Wilshire 5000 at 31,542.18 for a gain of 1,331.48 points or 4.41%; and the Dow Jones U.S. Select Dividend Index at 684.87 for a gain of 30.05 points or 4.59%.

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This article first appeared on GuruFocus.