The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

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.

Advertising

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Garland Favorito

On August 29, eight cartons of notarized paperwork challenging 25,000 voter registrations were delivered by pro-Donald Trump “election integrity” activists to Gwinnett County’s election offices in suburban Atlanta. They were accompanied by additional paperwork claiming that 15,000 absentee ballots had been illegally mailed to voters before the county’s 2020 presidential election.

Keep reading... Show less

Gov. Ron DeSantis

Ron DeSantis never gets bored of telling us how much he despises communism.

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