These Are Key Levels
March futures for the broader indexes had a
strong day. Blue-chip stocks streaked higher, boosted by hopes the U.S. economy
will stage a strong recovery. In late-afternoon trading, the Dow Jones
Industrial Average was up 225.36 points, or more than 2%, to 10594.22, extending
its hefty 262.73-point rise on Friday. The Nasdaq Composite index added 49.40,
or 2.7%, to 1852.10, after surging 71.25 in the previous session.
The March Dow Jones Industrial Average
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2001. The March Nasdaq 100 futures
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resistance level at the highs of the day. And the March S&P 500 futures
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or 1.760%.
The U.S. market rally took flight Friday after some better-than-expected
economic news raised hopes that the business cycle is primed for a rebound. The
Dow industrials rose 2.6% to 10,368.86, their highest close since last August.
The Dow’s move above 10,300 is helpful to the market. This had been a key
resistance level for the Dow.
The petroleum complex moved in and out of
negative territory during the day as some investors took profits after last
week’s big move in prices.
April crude
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barrel. April heating oil
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April unleaded gasoline
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On Friday, crude-oil futures jumped to their highest level in 15 weeks after
comments from a senior official of the Organization of Petroleum Exporting
Countries who said that OPEC’s supply cuts were likely to continue.
But news from overseas helped to weigh down markets Monday after news that two
days of talks between OPEC and Russian officials had failed to produce a pledge
by Moscow to extend its oil export cut into the second quarter was seen as a
disappointment.
Investors are awaiting the American Petroleum Institute’s weekly report on U.S.
petroleum stocks, due late Tuesday.
May soybean futures
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lower to 451.00 down .500 on the Chicago Board of Trade, pressured by South
American weather. Soybeans gave back some of the strong gains recorded on
Friday, beginning the new trading week with what market-watchers said was
partially a corrective move. Also putting pressure on the market was wetter
weather that has improved the crop outlook in key producing areas of South
America. March soybean meal
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Wheat for May delivery
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corn
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Precious metals futures settled mixed Monday,
April gold
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rose .900 to 74.15.
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