Wall Street indexes rise over 1 percent as trade worries ease
Wall Street`s major indexes rose more than 1 percent each on Monday as technology stocks jumped and a softer stance by U.S. policymakers on China tariffs powered a rebound from last week`s sell-off.
Led by tech, ten of the 11 major S&P sectors were higher and 29 of the 30 Dow components were in positive territory. Goldman Sachs
U.S. President Donald Trump`s economic adviser Larry Kudlow told CNBC that the president may be open to forming an international coalition to grapple with Chinese trade issues.
"We`re getting a little bit softer commentary from folks with the (Trump) administration," said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta. "We`re basically recouping what we lost on Friday."
Global equity markets came under pressure last week as the United States and China threatened each other with tens of billions worth of tariffs.
Investors will look for further indications of China`s stance on trade relations when Chinese President Xi Jinping speaks at the Boao Forum, an economic conference in Asia, on Tuesday.
The week also marks the start of earnings season with big U.S. banks such as JPMorgan Chase
"Profits are a big part of the bull story," Lerner said. "We think this earnings season will re-establish the uptrend in the market."
The Dow Jones Industrial Average <.dji> rose 352.73 points, or 1.47 percent, to 24,285.49, the S&P 500 <.spx> gained 38.91 points, or 1.49 percent, to 2,643.38 and the Nasdaq Composite <.ixic> added 115.09 points, or 1.66 percent, to 7,030.20.
The FANG group, comprising four closely-watched momentum stocks - Facebook Inc
Facebook chief executive Mark Zuckerberg is scheduled to testify before Congress this week regarding security issues related to the misuse of user data. In remarks released by the U.S. House Energy and Commerce Committee on Monday, he apologised for not taking enough measures to protect Facebook users` information. AveXis Inc
Merck & Co Inc
Shares of Leucadia National Corp
Advancing issues outnumbered declining ones on the NYSE by a 2.10-to-1 ratio; on Nasdaq, a 2.12-to-1 ratio favored advancers.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.