|Day's Range||26,794.75 - 27,660.22|
|52 Week Range||20,845.22 - 35,461.52|
The iShares MSCI Emerging Markets exchange-traded fund (EEM) is down more than 7 percent for the year as trade tensions between the world's largest economies intesify. Among the biggest decliners in emerging markets were Argentine, Turkish, Brazilian and Chinese shares. “This really resulted from the escalation in trade tensions on multiple fronts,” says one analyst.
Once again, the U.S. stock market is getting choppy. Yes, most economists and investors with a brain admit that escalation of global trade-war talk is a net negative for all parties. After all, market research firm FactSet reported in its latest Earnings Insight that second-quarter earnings are expected to rise 19% across the S&P 500(^GSPC) components.
President Donald Trump just lit a fire under oil prices and big energy stocks. It should also be good news for economies overseas that are heavily tied to the oil price. The Dow Jones Industrial Average has risen 137.74 points, or 0.6%, to 24,497.95, while the S&P 500 has gained 0.7%, to 2691.13 and the Nasdaq Composite is up 0.6% at 7309.57.. Elsewhere, the humorous moment of the day comes courtesy of Argentina, whose Merval stock-market index suddenly boomed 6% on hopes that the international community, in the form of the International Monetary Fund, will bail the country out of its latest financial crisis.
Bloomberg News reported that Latin America's third-largest economy could get a $30 billion loan from the IMF, lifting Argentina's currency from a record low. The Financial Times and Reuters also reported that Argentina is seeking a credit line. For the year, the peso is down more than 23 percent against the greenback despite Argentina sporting the highest overnight interest rates in the world.
No one loves Argentina right now, but a 58% profit could change investors' minds.
Fed Chair Janet Yellen leaves her post after four years, and during that time it was smooth sailing for stocks, with tech shares doubling.
Global markets started the New Year on a strong note, notching up record gains.