By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- The U.S. stock market rallied Monday
following upbeat economic data and a reaction from Western
governments to the vote in Crimea that was limited to visa bans and
asset freezes.
The S&P 500 (SPX) rose 20.36 points, or 0.9%, to 1,857,02,
recouping some of the steep losses from last week. Industrials and
technology stocks were leading broad-based gains.
The Dow Jones Industrial Average (DJI) jumped 196 points, or
1.1%, to 16,222.40, with all 30 components trading higher.
The Nasdaq Composite (RIXF) rallied 54.26 points, or 1.1%, at
4,289.82.
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There were a batch of economic reports before and after the
market open. Industrial production in February grew at the fastest
monthly rate in six months, bouncing back after a weather-addled
start to the year. An index of manufacturing conditions in the New
York region showed modest improvement in March after a sharp drop
in the prior month.
Separately, a gauge of confidence among home builders ticked up
in March, but remained close to the lowest level since May and
signaled that builders, generally, are pessimistic about sales
trends, according to data released Monday.
Later this week, investors will also get a Federal Open Market
Committee meeting.
The Wall Street Journal reported that according to preliminary
results, more than 95% of Crimeans voted to break away from Ukraine
on Sunday.
EU foreign ministers on Monday imposed visa bans on 21 Russian
officials and froze assets, according the Wall Street Journal
citing sources. U.S. officials could deliver on a first round of
sanction on Monday.
Among individual stocks, Yahoo (YHOO) shares rose 4.1%. The
company owns a 24% stake in Alibaba, which is reportedly getting
ready for an initial public offering in New York. At the same time,
Alibaba's smartphone-payment system has been blocked by China
because of potential consumer risks.
Sears Holdings Corp. (SHLD) shares rose 3.2%. The company said
late Friday its board had approved the April 4 spinoff of its
Lands' End business.
VeriSign Inc. (VRSN) shares dropped 5%. Cowan & Co.
downgraded VeriSign to a market perform rating from outperform on
Monday and cut its price target to $49 from $63.
Shares in Castlight Health Inc. (CSLT) dropped 5.4% following a
149% jump in the market debut on Friday.
After a week of volatile trading, Plug Power Inc (PLUGD) shares
gained 6.1%. Buying interest in Plug Power on the back of a major
deal with Wal-Mart was dampened by bearish comments from analysts
last week.
In overseas markets, gains were also seen across Europe, with
the Stoxx Europe 600 up 0.6% and emerging markets getting a bump.
Russia's blue-chip MICEX index climbed 2% after a drop of more than
7% last week.
Asia, meanwhile, saw a mixed session, with some indexes pulling
back on Ukraine worries. But the China Shanghai Composite climbed
1%, led by property, auto and cement companies, after the
government reportedly outlined urbanization-spending plans.
Prices for gold (GCJ4) were almost unchanged, while the dollar
(USDJPY) regained some ground as investors shifted away from the
perceived safe haven of the Japanese yen.
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