U.S. Stocks Rise On Better Data From China And Europe

@AFP

NEW YORK (AFP) – U.S. stocks Tuesday moved higher after a holiday weekend helped by solid economic data from China and Europe and Washington’s pullback from its threat of an imminent strike on Syria.

About 35 minutes into trade, the Dow Jones Industrial Average gained 92.09 (0.62 percent) to 14,902.40.

The broad-based S&P 500 picked up 15.91 (0.97 percent) at 1,648.88, while the tech-rich Nasdaq Composite Index rose 43.23 (1.20 percent) to 3,633.10.

Markets resumed trading after Monday’s Labor Day holiday. Over the weekend, HSBC’s China purchasing managers’ index (PMI), a key benchmark of manufacturing activity, rebounded to 50.1 in August, its first month of expansion since April.

Also, the eurozone PMI compiled by Markit Economics jumped to 51.4 points in August from 50.3 in July.

Anxiety among investors also ebbed as the prospects for an immediate U.S. strike on Syria sank with the Obama administration’s decision to seek congressional approval for the action.

Dow component Verizon fell 4.4 percent one day after announcing a $130 billion deal to buy out Vodafone’s 45-percent stake in the two companies’ Verizon Wireless joint venture. Vodafone dropped 2.5 percent.

Microsoft, another Dow component, dropped 4.4 percent after announcing a $7.2 billion deal to acquire Nokia’s mobile phone unit. U.S.-traded shares of Nokia soared 36.9 percent.

CBS jumped 4.9 percent after resolving a contract dispute with Time Warner that had led to a programming blackout in New York City and some other markets. Time Warner rose 1.7 percent.

Bank of America, also a Dow member, rose 1.8 percent on reports that it is selling its shares in China Construction Bank for about $1.5 billion.

Other large banks also advanced, including Citigroup (up 2.9 percent) and JPMorgan Chase (up 2.1 percent).

Technology shares were strong, led by Apple (up 1.9 percent), Amazon (up 2.6 percent), Google (up 2.0 percent) and Cisco (up 1.5 percent).

Bond prices fell. The yield on the 10-year Treasury jumped to 2.84 percent from 2.75 percent Friday, while the 30-year rose 3.78 percent from 3.68 percent. Prices and yields move inversely.

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

How A Stuttering President Confronts A Right-Wing Bully

Donald Trump mocks Joe Biden’s stutter,” the headlines blare, and I am confronted (again) with (more) proof that the presumptive Republican presidential nominee hates people like me.

Keep reading...Show less
Trump at Trump Tower

Former President Donald Trump at Trump Tower in Manhattan

NEW YORK, March 25 (Reuters) - Donald Trump faces a Monday deadline to post a bond to cover a $454 million civil fraud judgment or face the risk of New York state seizing some of his marquee properties.Trump, seeking to regain the presidency this year, must either pay the money out of his own pocket or post a bond while he appeals Justice Arthur Engoron's February 16 judgment against him for manipulating his net worth and his family real estate company's property values to dupe lenders and insurers.

Keep reading...Show less
{{ post.roar_specific_data.api_data.analytics }}