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Home / Business / Wall Street recovers with stimulus rejoicing, Apple leads technical gains By Reuters

Wall Street recovers with stimulus rejoicing, Apple leads technical gains By Reuters




© Reuters. Traders work on the New York Stock Exchange (NYSE) in New York

By Medha Singh

(Reuters) – US equities rose on Monday on growing hopes that the major economies will slow the economic impact of the economy US stock market slowdown could escalate global trade tensions, while technology stocks rose, led by a rise in Apple shares by nearly 3%.

The Chinese central bank introduced a key rate reform on Saturday to cut corporate borrowing costs A potential relaxation of the German economy.

The rally was also fueled by slowing demand for safe haven government bonds. After three weeks of decline, investors sought bargains on run-down stocks. Rising bond yields boosted interest-rate sensitive banks and boosted the S & P 500 Banks index <.spxbk> by 1

.55%.

equities, especially after they have become cheaper in recent weeks, "said Robert Pavlik, Chief Investment Strategist and Senior Portfolio Manager at SlateStone Wealth LLC in New York. They share trading risks and signs of slowing growth with the potential for more Measures taken by the US Federal Reserve and others in September.

This week, the focus will be on the release of Fed minutes in July at the central bank on Wednesday. For the first time in over a decade, interest rates have been cut, and the speech by Chairman Jerome Powell at a meeting of central banks in Jackson Hole on Friday.

"The road will be hopeful that the Fed will take away the 'mid-cycle' Comment on interest rate cuts, w What all of us know, will come, "said Pavlik.

Stocks of Apple Inc (O 🙂 provided the biggest boost in Wall Street's three major indexes President Donald Trump said he spoke with Apple CEO Tim Cook about the impact of US tariffs on Sunday.

Chipmakers, whose sales are largely dependent on China, also gained 2.46% with the Philadelphia Chip Index ().

US Commerce Secretary Wilbur Ross said on Monday that the US government will grant Huawei Technologies a reprieve allowing the Chinese company to buy supplies from US companies to serve existing customers, even though it has nearly 50 units have been added to a US industry blacklist.

At 9:45 CET, the Dow Jones Industrial Average () rose 284.13 points or 1.10% to 26,170.14 points, the S & P 500 () 33.43 points or 1.16% to 2,922.11 points. The Nasdaq Composite () rose 114.49 points or 1.45% to 8,010.49.

All eleven large S & P sectors were higher, with technology () up 1.67%.

] Estee Lauder Cos Inc (N 🙂 rose 9.3% and projected full-year revenue and earnings growth driven by booming demand for premium skin care products and strength Asian-Pacific business.

Predominant problems prevailed The S & P index recorded 28 new 52-week highs and no new low, while the Nasdaq recorded 44 new highs and 13 new lows.


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