US Stocks Rally Nearly 400 Points Amid China Export News
Sep, 09th 03:37
U.S. stocks ended sharply higher Tuesday with the main indexes posting their second-largest daily gains of the year. Stocks rebounded from last week’s rout as investment funds repositioned their portfolios in the wake of the Labor Day holiday and market participants were cheered by rising expectations for additional economic stimulus measures by Chinese authorities.
The S&P 500 SPX closed 48.19 points, or 2.5%, higher at 1,969.41, with all 10 main sectors finishing sharply higher. Among the 502 issues on the S&P 500, only 11 ended in negative territory. Health-care and technology sectors led the gain, advancing 2.9% and 2.8%, respectively.
The Dow Jones Industrial Average DJIA jumped 390.30 points, or 2.4%, to 16,492.68, with all of its 30 components closing in positive territory, led by General Electric GE up 4%.
The Nasdaq Composite ended the day up 128.01 points, or 2.7% at 4,811.93, with biotechnology stocks leading the gains.
Advances by U.S. stocks followed gains in Europe and Asia as weak export data in China, released overnight, fueled bets that Beijing might be inspired to implement further measures to boost the country’s sluggish economy.