Markets Rally Into Close To Get New Month Started On Positive Note

U.S. indices rallied into Monday's close as stocks recovered following Friday's weakness. Federal Reserve rate hike concerns, the Russia-Ukraine conflict, China COVID cases and earnings have pressured markets in recent sessions.

The ISM manufacturing PMI dropped for a second straight month to 55.4 in April from 57.1 in March. Analysts were expecting a reading of 57.6.

A closed meeting of the Board of Governors of the Federal Reserve System will take place Tuesday morning. A rate hike of 50 basis points is possible for May as the Fed has indicated it may move quicker on rate hikes to curb inflation.

  • The Nasdaq composite finished higher by 1.63% to 12,536; The Invesco QQQ Trust Series 1 QQQ gained 1.67% to $318.48
  • The S&P 500 traded higher by 0.57% to 4,155; The SPDR S&P 500 ETF Trust SPY gained 0.60% to $414.48
  • The Dow Jones composite finished higher by 0.05% to 11,300; The SPDR Dow Jones Industrial Average ETF Trust DIA finished higher by 0.32% at $330.74

Here are the day's winners and losers from the Dow Jones, according to data from Benzinga Pro.

Intel Corporation INTC, Chevron Corporation CVX and Honeywell International Inc HON were among the top gainers for the DIA.

American Express Company AXP, Coca-Cola Co KO and UnitedHealth Group Inc UNH were among the top losers for the Dow Jones.

Elsewhere On The Street

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