Zacks Equity Research
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Wall Street closed higher on Monday as President Donald Trump exempted Chinese imports from reciprocal tariffs on Monday. The Nasdaq Composite, the Dow and the S&P 500 ended in positive territory.
The Dow Jones Industrial Average (DJI) rose 0.8%, or 312.08 points, to close at 40,524.79. Twenty-one components of the 30-stock index ended in positive territory, while nine ended in negative.
The tech-heavy Nasdaq Composite advanced 107.03 points, or 0.6%, to close at 16,831.48.
The S&P 500 gained 42.61 points, or 0.8%, to close at 5,405.97. All 11 broad sectors of the benchmark index closed in the green. The Real Estate Select Sector SPDR (XLRE), the Utilities Select Sector SPDR (XLU) and the Consumer Staples Select Sector SPDR (XLP) rose 2.2%, 1.8% and 1.7%, respectively.
The fear gauge CBOE Volatility Index (VIX) decreased 17.8% to 30.89. A total of 18.2 billion shares were traded on Monday, lower than the last 20-session average of 18.7 billion. Decliners outnumbered advancers by a 2.72-to-1 ratio on the NYSE and by 4.4-to-1 on the Nasdaq.
President Donald Trump declared that smartphones, along with computers and tech components, would receive exemptions from Chinese import reciprocal tariffs. The U.S. Customs and Border Protection implemented new exemptions, which include semiconductors as well as other electronic products. The decision provides companies with a 20-product exemption from the 145% tariff on Chinese goods while giving them time to relocate production to the U.S. The tech industry now sees this move as a transformative development that benefits investors and manufacturers.
Consequently, the share of HP Inc. HPQ rose 2.6% following the news. HP Inc. currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.
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This article originally published on Zacks Investment Research (zacks.com).
