Connect with us

Hi, what are you looking for?

Bnreport Business News Report


Wall St rallies on gains in retailers, tech rebound

New York: Wall Street stocks bounced early Monday, recoverin..

New York: Wall Street stocks bounced early Monday, recovering some of last week's losses ahead of key US economic releases and fresh insights on Federal Reserve monetary policy.

About 10 minutes into trading, the Dow Jones Industrial Average had gained 1.2 per cent to 24,564.51.

The broad-based S&P 500 gained 1.1 per cent to 2,661.08, while the tech-rich Nasdaq Composite Index also rose 1.1 per cent to 7,015.89.

US stocks fell sharply last week on worries about higher interest rates, the ongoing US-China trade war and retreating oil prices that could signify sharply lower global growth.

But oil prices rose Monday, along with stocks, which were "poised to bounce from a short-term oversold condition," said analyst Patrick O'Hare.

Key data releases this week include a second estimate for US third-quarter growth, a report on consumer confidence and minutes from the Fed's last monetary policy meeting.

In addition, President Donald Trump is due to meet China's leader Xi Jinping in Buenos Aires late this week on the sidelines of the Group of 20 summit, to try to find a solution to trade tensions between the countries.

Leading US retailers were mostly higher at the start of "cyber Monday", a key juncture in the holiday sales season when stores offer online promotions. Walmart, Target and Best Buy all rose in early trading.

General Motors gained 1.6 per cent on reports the auto giant will close a factory in Canada and cut production of certain models, putting almost 3,000 jobs at risk.

Original Article


ET Markets


You May Also Like


Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae.


Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.


Enlarge/ You wouldn't really want to use Nvidia's ..


Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora.

%d bloggers like this: