U.S. Stocks Rise On Solid China, Japan Data

@AFP

NEW YORK (AFP) – U.S. stocks Monday moved higher following strong economic data from China and Japan.

About 40 minutes into trade, the Dow Jones Industrial Average jumped 81.89 (0.55 percent) to 15,004.39.

The broad-based S&P 500 added 8.27 (0.50 percent) at 1,663.44, while the tech-rich Nasdaq Composite Index tacked on 21.28 (0.58 percent) at 3,681.29.

U.S. investors continued to cautiously await news on the Obama administration’s plans for a military strike on Syria and on the Federal Reserve’s intentions for scaling back its aggressive bond-buying program.

However, markets were cheered by data out of the world’s second- and third-largest economies.

China’s trade surplus grew to a greater-than-expected $28.5 billion in August after exports jumped unexpectedly.

Meanwhile, Japan’s second-quarter economic growth hit 0.9 percent, up from the previous quarter and above the 0.6 percent previously estimated.

Technology giant Apple jumped 1.3 percent ahead of Tuesday’s company event, which is expected to launch new products.

Molex, a manufacturer of electronic components, surged 31.4 percent on news it is being acquired by Koch Industries for $7.2 billion.

Computer maker Dell was trading 0.1 percent higher after activist Carl Icahn indicated he will not offer a counterproposal to the latest buyout offer from a consortium led by founder Michael Dell.

American banking giant JPMorgan Chase rose 0.5 percent after announcing two new board members in the wake of a pair of July board resignations. The move comes as JPMorgan continues to face tough scrutiny from regulators.

Online coupon company Groupon rose 5.4 percent after announcing an acquisition of last-minute travel application Blink for an undisclosed sum.

Athletic-wear company Lululemon Athletica rose 4.3 percent after Citi Research initiated coverage with a “buy” rating. Lululemon offers a differentiated product with a “culture-driven model” that “serves a niche market with few pure-play competitors,” Citi said.

Delta Air Lines rose 6.0 percent ahead of its joining the S&P 500 index after trade Tuesday.

Bond prices rose. The yield on the 10-year Treasury fell to 2.89 percent from 2.94 percent Friday, while the 30-year dropped to 3.83 percent from 3.87 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

Fox News Deceives Viewers About Its Own Reporter's Question To Biden (VIDEO)

Lucas Tomlinson

On the November 26 edition of Fox News Sunday, Fox News correspondent Lucas Tomlinson declared, “The oldest president in U.S. history also continues to face questions about his age, even here in Nantucket,” followed by video of President Joe Biden reacting to a yelled question — “Mr. President, are you too old to be running for reelection?” — which was clearly Tomlinson’s own voice. In reporting the story to his Fox audience, however, Tomlinson did not make it clear that he was the one who asked the question.

Keep reading...Show less
Sarah Huckabee Sanders

Gov. Sarah Huckabee Sanders

Many liberal and progressive pundits have been predicting a "brain drain" from red states — skillful, college-educated doctors, university professors and teachers leaving because of oppressive MAGA policies. OB-GYNs are worried about draconian anti-abortion laws; teachers and librarians are under attack from the far-right Moms for Liberty.

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