Tuesday, 27 March 2018

Markets mixed as US stocks rebound on news of China-US talks

Markets were mixed on Monday.

The S&P 500 surged 2.7 but the STOXX Europe 600 fell 0.7 percent and the Shanghai Composite fell 0.3 percent.

US stocks rallied amid reports that China and the US have quietly started negotiating to improve US access to Chinese markets.

Still, some traders did not find Monday's rebound convincing.

“Big positive moves in stocks tend to come after biggest down days, and today’s action looks like a technical bounce, just because markets were so weak for days,” said Mike Antonelli, equity sales trader at Robert W. Baird & Co.

However, Raymond James chief investment strategist Jeff Saut said that “the recent correction was overdone” and stocks can now resume their upswing.

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