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Jan. 6, 2020, 4:50 p.m. EST

Stocks end higher, posting biggest intraday comeback in 3 months

Investors shake off worries over U.S.-Iran tensions

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By Chris Matthews and Mark DeCambre, MarketWatch , Joy Wiltermuth

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“We’re seeing flows come back into FAANG and tech-related names,” he added.

Looking ahead, Chinese officials were set to arrive in Washington on Jan. 13 for a four-day meeting with U.S. counterparts, to sign a preliminary trade pact to end their protracted tariff conflict — a trade clash that had been a the center of investors’ minds before the Mideast worries. The South China Morning Post reported that China had planned to arrive earlier, but delayed their plans after President Trump announced a Jan. 15 date for the signing of the deal.

Over the weekend, Chinese Foreign Minister Wang Yi reportedly urged restraint and said it opposed the use of force in international relations, according to a post on the website of China’s Foreign Ministry . The report also indicated that Yi spoke to Iranian Foreign Minister Javad Zarif.

Read : Who was Qassem Soleimani, and why is his death a major development in U.S.-Middle East relations?

Also see : Strait of Hormuz, the world’s biggest oil chokepoint, in focus as U.S.-Iran tensions flare

In economic data, the IHS Markit purchasing managers index for the U.S. services sector came in at 52.8 in December, versus 51.6 in November, indicating continued expansion.

Which stocks were in focus?

Boeing Co. is considering plans to raise more debt to bolster finances strained by the grounding of its 737 MAX jets, according to The Wall Street Journal. Shares of the airplane maker and defense contractor advanced 0.3% Monday.

Shares of fellow Dow component Apple Inc . /zigman2/quotes/202934861/composite AAPL -1.10%  gained 0.8%, after six consecutive weeks of gains during which the consumer electronics company’s stock rose more than 11%.

Goldman Sachs Group Inc . /zigman2/quotes/209237603/composite GS -0.38%  and Morgan Stanley /zigman2/quotes/209104354/composite MS -0.06%  are being investigated by the Bank of England, Sky News reported Saturday . A Financial Times report Sunday said the reviews were focused on the banks’ financial reporting practices. Goldman shares advanced 1% Monday, while Morgan Stanley shares fell 0.4%.

Bed Bath & Beyond Inc . /zigman2/quotes/209801102/composite BBBY -1.06% shares were in focus after The Wall Street Journal reported that the home-goods retailer has signed a deal to sell roughly half its real estate to a private-equity firm and lease back the space in a transaction that will generate more than $250 million in proceeds. Its shares gained 3% Monday.

Shares of Cal-Maine Foods Inc . /zigman2/quotes/201864009/composite CALM +2.44%  skidded 7.9% Monday, after the egg producer reported a surprise loss during its fiscal second quarter, while sales fell 10.7%.

How did other markets trade?

Oil futures  climbed more than 3%, with the U.S. benchmark West Texas Intermediate crude for February delivery settling up 0.4% at $63.27 a barrel, after finishing Friday at its best level in more than seven months.

Need to Know: Why oil could hit $80 even without a ‘full-blown’ U.S.-Iran war

Check out : Oil is dancing around a ‘critical juncture’ that could signal the market’s next move

Gold prices closed near a seven-year high at $1,568.8 ounce, up 1.1%, according to FactSet data.

The yield on the 10-year U.S. Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +4.09%  rose 2.2 basis points to 1.809%, snapping a two-day losing streak. Bond yields move inversely to prices.

In Asia overnight, stocks closed lower, with the China CSI 300 /zigman2/quotes/210598128/delayed XX:000300 -1.15%  declining 0.4%, Japan’s Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK -0.39%  ending the session 1.9% lower and the Hang Seng /zigman2/quotes/210598030/delayed HK:HSI -1.60%  own 0.8%.

In Europe stocks also came under pressure, as reflected by the 0.4% decline in the Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.29% .

/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 449.80
-4.99 -1.10%
Volume: 22.57M
Aug. 7, 2020 12:19p
P/E Ratio
34.13
Dividend Yield
0.73%
Market Cap
$1948.02 billion
Rev. per Employee
$1.98M
loading...
/zigman2/quotes/209237603/composite
US : U.S.: NYSE
$ 203.48
-0.78 -0.38%
Volume: 716,947
Aug. 7, 2020 12:19p
P/E Ratio
10.78
Dividend Yield
2.46%
Market Cap
$70.24 billion
Rev. per Employee
$1.34M
loading...
/zigman2/quotes/209104354/composite
US : U.S.: NYSE
$ 49.42
-0.03 -0.06%
Volume: 1.58M
Aug. 7, 2020 12:19p
P/E Ratio
8.92
Dividend Yield
2.84%
Market Cap
$77.97 billion
Rev. per Employee
$831,709
loading...
/zigman2/quotes/209801102/composite
US : U.S.: Nasdaq
$ 11.87
-0.13 -1.06%
Volume: 3.12M
Aug. 7, 2020 12:19p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$1.51 billion
Rev. per Employee
$191,341
loading...
/zigman2/quotes/201864009/composite
US : U.S.: Nasdaq
$ 44.94
+1.07 +2.44%
Volume: 45,806
Aug. 7, 2020 12:19p
P/E Ratio
119.11
Dividend Yield
0.00%
Market Cap
$2.12 billion
Rev. per Employee
$440,957
loading...
/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
0.56
+0.02 +4.09%
Volume: 0.00
Aug. 7, 2020 12:19p
loading...
/zigman2/quotes/210598128/delayed
XX : China Securities Index
4,707.93
-54.84 -1.15%
Volume: 21.35B
Aug. 7, 2020 3:00p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
22,329.94
-88.21 -0.39%
Volume: 0.00
Aug. 7, 2020 3:15p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
24,531.62
-398.96 -1.60%
Volume: 1.61M
Aug. 7, 2020 4:08p
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
363.55
+1.06 +0.29%
Volume: 0.00
Aug. 7, 2020 5:50p
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Mark DeCambre is MarketWatch's markets editor. He is based in New York. Follow him on Twitter @mdecambre. Joy Wiltermuth is a MarketWatch markets reporter and editor based in New York.

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