US markets closed for President's Day, Asian markets climb
U.S. equity and bond markets are closed on Monday to mark the President’s Day holiday.
While U.S. markets are closed, there is trading in other parts of the financial world.
In Europe, the major markets closed mixed. London’s FTSE slipped 0.21 percent, Germany’s DAX little changed and France’s CAC added 0.3 percent.
In Asian market trading on Monday, stocks surged in China on trade talk optimism between the U.S. and China. The Shanghai Composite jumped 3.2 percent. In Hong Kong, the Hang Seng added 1.6 percent and Japan’s Nikkei gained 1.8 percent to a two-month high.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 38503.69 | +263.71 | +0.69% |
| SP500 | S&P 500 | 5070.55 | +59.95 | +1.20% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15696.639958 | +245.33 | +1.59% |
U.S. stocks rallied Friday, with the blue-chip Dow Jones Industrial Average surging more than 400 points for its eighth straight week of gains, as investors took heart from a report that American and Chinese trade officials are close to signing a memorandum of understanding to settle their trade dispute.
In addition, the tech-heavy Nasdaq Composite climbed -- finally -- out of the bear market territory it has languished in since late December.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PEP | PEPSICO INC. | 171.33 | -5.13 | -2.91% |
| KO | THE COCA-COLA CO. | 60.65 | +0.10 | +0.17% |
| DE | DEERE & CO. | 397.34 | -2.39 | -0.60% |
Some corporate earnings and guidance weighed on the market. PepsiCo forecast a surprise drop in full-year profit on Friday, as the snack and beverage company spent heavily on marketing and developing new products in a bid to claw back market share from Coca-Cola Co. The company said it expects 2019 adjusted profit per share to drop 3 percent to $5.50, while analysts on average had expected a 3.5 percent rise to $5.86 per share.
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Deere & Co.'s earnings missed Wall Street's estimates, hurt by higher raw materials and logistics costs as well as by slowing trade between the United States and its partners, particularly China. For the quarter ended Jan. 28, the company reported an adjusted profit of $1.54 per share, up 14 percent from a year earlier, but below analyst estimates of $1.76 per share.