US STOCKS SOAR, DOW GAINS 240: Here's what you need to know

Photo; NASA/ Joel Kowsky via Getty Images

Markets finished higher on Monday, reversing the sell-off that ended the week on Friday after dovish commentary from Federal Reserve members.

All three major averages finished up by more than 1%, with the tech-heavy Nasdaq being the biggest winner. This now marks the second straight day the S&P 500 moves by more than 1% after a 42-day stretch without such a move in either direction.

We’ve got the headlines for Monday, but first, the scoreboard:

  • Dow: 18,328.49 , +243.04,(+1.35%)
  • S&P 500: 2,158.74, +31.29, (+1.45%)
  • Nasdaq: 5,209.10, +84.92, (+1.67%)
  • WTI crude oil: $46.13, +0.25, (+0.54%)
  • 10-year yield: 1.675, +0.005
  1. Federal Reserve Governor Lael Brainard lowered expectations for an interest rate hike. In a high-anticipated speech, the Fed Governor said that possible continued slack in teh labour market and weak inflation makes “the case to tighten policy preemptively is less compelling.” Expectations for a rate hike in September fell to 22% from 30% at the start of the day, according to data from Bloomberg.
  2. Republican presidential candidate Donald Trump said Fed Chair Janet Yellen should be “ashamed.” Trump said that the Fed is keeping interest rates low until President Obama leaves office because it is not longer politically independent. Investor and reality TV star Mark Cuban, who has been on a crusade against Trump as of late, used these comments to continue to bash the Republican candidate.
  3. JPMorgan CEO Jamie Dimon said he would “love” to be president of the US. Speaking to the Economic Club of Washington DC, Dimon expressed his desire for changes to the economic policy of the US. When asked about running for office, he said he wanted to be president, but did not think it was possible.
  4. Agrium and Potash Corp announced a merger of equals. The Canadian fertiliser and farming companies announced a merger of equals that would create a new firm with an enterprise value of $36 billion.
  5. HP is leaving Salesforce for Microsoft’s new cloud computing tool. HP signed a six-year deal with Microsoft to use its Microsoft Dynamics’ to track customer interactions and relationships. The move is a big win for Microsoft’s supposed “Salesforce-killer.”
  6. Shares of Samsung got rocked after the recall of its Galaxy Note 7. The new Note 7 was found to have faulty batteries that have caught fire and even exploded. Shares fell more than 5% in trading Monday


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