NEW YORK, New York -- U.S. stocks rose early on Monday, but sellers took advantage of the situation, and gains were creamed by the close of business.
The economy is opening up again after the lock downs ended in China, with positive news coming out of China.
Since those lows near 3,800 in the S&P 500, real progress has been made: China is reopening and hopefully the economy will be close to full capacity within a month. That will add to the global economy, and perhaps most importantly ease supply chain stress, said Tom Essaye of the Sevens Report, who said in a note to clients.
Early gains evaporated, losses ensued, and then buyers returned, and it was a rollercoaster road. They were overwhelmed by sellers. The major indicators were barely ahead in the end.
The Dow Jones Industrials, after being ahead 336 points at one stage, added just 16.08 points or 0.05 percent, to close Monday at 32,915. The 500 of Standard and Poor's rose 12.89 points or 0.31 percent to 4,121. The Nasdaq Composite gained 48.64 points or 0.40 percent to 12,061. The U.S. dollar was stronger against all currencies. The euro was down to 1.0694 by the New York close Monday. The British pound fell to 1.2539. The Japanese yen was down sharply at 131,87, as was the Swiss franc at 0.9706.
The Canadian dollar was a bit weaker at 1.2571. The Australian dollar was down to 0.7197. The New Zealand dollar was down to 0.6493.
The Dax in Germany increased by 1.34 percent on overseas equity markets. The CAC 40 in Paris, France rose 0.98 percent. The FTSE 100 was up 1.00 percent in London.
In Asia, the Hang Seng in Hong Kong surged 571.77 points or 2.71 percent to close Monday at 21,653. In Japan, the Nikkei 225 gained 154.32 points or 0.56 percent to 27,915. The Australian market did not join the party with the All Ordinaries dropping 39.30 points or 0.53 percent to 7,433. The New Zealand financial markets were closed Monday for the Queen's Birthday long weekend.