Global stocks rebound after slide on growth worries
The top U.S. equity markets closed with gains on Tuesday, a rebound from a recent slide spurred by worries over global economic growth.
Traders have also been rattled by a drop in long-term bond yields, which many see as a warning sign of a possible recession.
Shares of Bed, Bath & Beyond closed up 22 percent as Legion Partners Asset Management, Macellum Advisors and Ancora Advisors prepare to launch a proxy fight to replace the retail chain's entire 12-person board, according to the Wall Street Journal. Combined, the firms have a 5 percent stake in the company.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 168.00 | -1.38 | -0.81% |
| BBBY | n.a. | n.a. | n.a. | n.a. |
| BA | THE BOEING CO. | 170.19 | -0.36 | -0.21% |
| CCL | CARNIVAL CORP. | 14.12 | +0.23 | +1.62% |
Apple's stock closed down after announcing plans on Monday to launch a subscription TV service, branded credit card and news service. The company did not say how much the ad-free "Apple TV Plus" will cost or when exactly it will debut. It will compete with big streaming services including Netflix and Amazon Prime Video.
Boeing's stock was unchanged after rising slightly earlier in the day on the news that the company would provide airlines that have bought its 737 MAX with free software upgrades.
Carnival shares fell 8.5 percent after the world's largest cruise operator cut its annual profit forecast.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 37753.31 | -45.66 | -0.12% |
| SP500 | S&P 500 | 5022.21 | -29.20 | -0.58% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15683.372497 | -181.88 | -1.15% |
Opens a New Window. In economic news, the Conference Board said its index of U.S. consumer confidence declined to 124.1 in March from 131.4 in February. The decline was primarily driven by more pessimistic views about current business and labor market conditions.
U.S. homebuilding fell more than expected in February as construction of single-family homes dropped to more than a 1-1/2-year low, but the outlook for the housing market is improving amid declining mortgage rates. Housing starts decreased 8.7 percent to a seasonally adjusted annual rate of 1.162 million units last month.
The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, rose 4.3 percent in the year ending in January, down from 4.6 percent the prior month.
In Europe, the major markets ended the day higher. London's FTSE rose 0.3 percent, Germany's DAX added 0.6 percent and France's CAC was up 0.9 percent.
In Asia on Tuesday, China’s Shanghai Composite declined 1.5 percent, Hong Kong's Hang Seng was 0.1 percent higher and Japan’s Nikkei gained 2.2 percent.
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Markets in Europe and Asia tumbled Monday as traders tried to make sense of pessimistic new outlooks on global growth.
European investors are uneasy about the uncertain outlook for Britain's plan to leave the European Union.