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US stocks jump more than 2% as surge in Chinese markets triggers global rally US stocks jump more than 2% as surge in Chinese markets triggers global rally
(about 21 hours later)
US stocks rose more than 2% on Tuesday, bouncing back after steep losses last week and a China-fueled rebound in global equities.US stocks rose more than 2% on Tuesday, bouncing back after steep losses last week and a China-fueled rebound in global equities.
Gains were broad-based and followed a three-day US holiday weekend. All but one of the 10 major S&P sectors ended with gains of more than 2%.Gains were broad-based and followed a three-day US holiday weekend. All but one of the 10 major S&P sectors ended with gains of more than 2%.
Hopes for more stimulus measures from the Chinese government increased after data on Tuesday showed that China’s imports shrank far more than expected in August, falling for the 10th straight month.Hopes for more stimulus measures from the Chinese government increased after data on Tuesday showed that China’s imports shrank far more than expected in August, falling for the 10th straight month.
Chinese stocks surged in a late rally, sparking a rebound in global equities. Late on Monday, China said it would remove a tax on dividend incomes for investors who hold stocks for more than a year in an effort to encourage longer-term investment.Chinese stocks surged in a late rally, sparking a rebound in global equities. Late on Monday, China said it would remove a tax on dividend incomes for investors who hold stocks for more than a year in an effort to encourage longer-term investment.
“We had some nice buying opportunities with the selloff in August, and I think people are starting to take advantage of that and put money to work,” said Larry Peruzzi, senior equity trader at Cabrera Capital Markets Inc in Boston.“We had some nice buying opportunities with the selloff in August, and I think people are starting to take advantage of that and put money to work,” said Larry Peruzzi, senior equity trader at Cabrera Capital Markets Inc in Boston.
“In China it seems like there is a willingness to continue with stimulus, so hopefully those markets will stabilize.“ “In China it seems like there is a willingness to continue with stimulus, so hopefully those markets will stabilize.”
The Dow Jones industrial average rose 390.3 points, or 2.42%, to 16,492.68; the S&P 500 gained 48.19 points, or 2.51%, to 1,969.41; and the Nasdaq Composite added 128.01 points, or 2.73%, to 4,811.93.The Dow Jones industrial average rose 390.3 points, or 2.42%, to 16,492.68; the S&P 500 gained 48.19 points, or 2.51%, to 1,969.41; and the Nasdaq Composite added 128.01 points, or 2.73%, to 4,811.93.
All three major US stock indexes posted losses of at least 3% for last week.All three major US stock indexes posted losses of at least 3% for last week.
Global financial markets have been rattled in recent weeks by fears that China’s slowdown could drag on already sluggish global growth, prompting some investors to bet that the US central bank will delay a hike until the end of the year.Global financial markets have been rattled in recent weeks by fears that China’s slowdown could drag on already sluggish global growth, prompting some investors to bet that the US central bank will delay a hike until the end of the year.
A mixed report on the US jobs market for August on Friday added to investor uncertainty about whether the Federal Reserve will increase interest rates at its 16-17 September meeting.A mixed report on the US jobs market for August on Friday added to investor uncertainty about whether the Federal Reserve will increase interest rates at its 16-17 September meeting.
Apple shares gave the biggest boost to the S&P and the Nasdaq, rising 2.8% at $112.31, a day before the iPhone maker is expected to unveil new offerings.Apple shares gave the biggest boost to the S&P and the Nasdaq, rising 2.8% at $112.31, a day before the iPhone maker is expected to unveil new offerings.
Fitbit was up 11.2% at $35.46 after Morgan Stanley upgraded the stock to “overweight”.Fitbit was up 11.2% at $35.46 after Morgan Stanley upgraded the stock to “overweight”.
Media General fell 6% to $10.48 after it said it would buy diversified media company Meredith Corp for about $2.34bn to create the third-largest local TV station owner in the United States. Meredith was up 9.9% at $50.47. Media General fell 6% to $10.48 after it said it would buy diversified media company Meredith Corp for about $2.34bn to create the third-largest local TV station owner in the US. Meredith was up 9.9% at $50.47.
Advancing issues outnumbered declining ones on the NYSE by 2,439 to 644, for a 3.79-to-1 ratio on the upside; on the Nasdaq, 2,202 issues rose and 646 fell for a 3.41-to-1 ratio favoring advancers.Advancing issues outnumbered declining ones on the NYSE by 2,439 to 644, for a 3.79-to-1 ratio on the upside; on the Nasdaq, 2,202 issues rose and 646 fell for a 3.41-to-1 ratio favoring advancers.
The benchmark S&P 500 index posted one new 52-week high and no new lows; the Nasdaq Composite recorded 46 new highs and 30 new lows.The benchmark S&P 500 index posted one new 52-week high and no new lows; the Nasdaq Composite recorded 46 new highs and 30 new lows.
About 6.7bn shares changed hands on US exchanges, compared with the 7.6bn daily average for the month to date, according to data from BATS Global Markets.About 6.7bn shares changed hands on US exchanges, compared with the 7.6bn daily average for the month to date, according to data from BATS Global Markets.