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Stocks Erase Early Weakness, DJIA Hits New Record Levels

EQUITIES
  • Despite initial weakness, US equity futures rebounded during NY hours, with bluechip names driving the gains. The Dow Jones Industrial Average topped the late February highs to touch record levels, driven by solid gains in the likes of Goldman Sachs, Walt Disney and Visa. Markets look to see if the e-mini S&P can follow suit, which still retains a decent gap with the all time highs.
  • Across the US, materials and financials outperformed, while technology and communication services traded lower.
  • The resumption of equity strength in the US added some pressure to the VIX, which fell through Friday's lows.
  • In Europe, Germany's DAX outperformed, clocking gains of over 3.3%, with Italy's FTSE-MIB not far behind.
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