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8:49Now PlayingUS stocks swung wildly Monday, with the S&P 500 Index staging a stunning turnaround to erase a steep drop, as a push into dividend-heavy shares and portfolio rebalancing temporarily overshadowed worries about President Donald Trump’s Wednesday tariff announcement.
The benchmark equities gauge, after tumbling as much as 1.7%, finished nearly 0.6% higher marking its biggest top-to-bottom intraday reversal in three weeks, with analysts pointing to technical factors like the portfolio shifts that occur at the quarter’s end. That said, the S&P 500 still posted its worst quarter compared with the rest of the world the since the global financial crisis to cap a tempestuous start to the year as escalating concerns about a trade-war fueled recession.
The Dow Jones Industrial Average rebounded a 1% gain. But the Nasdaq 100 Index, which dropped as much as 2.5%, dipped less than 0.1%, while a Bloomberg gauge of the “Magnificent Seven” big tech stocks slipped 0.4%. Nvidia Corp. and Tesla Inc. led those losses, though both came off their session lows after retail traders plowed about $1 billion in inflows into the two by early afternoon trading, according to Emma Wu, a global quantitative and derivatives strategist at JPMorgan Chase & Co.
Bloomberg Politics Contributor Rick Davis and Former Democratic Congresswoman Stephanie Murphy discuss the uncertainty ahead of the April 2 tariff deadline.
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