NEW YORK: Wall Street stocks bounced early Monday in a positive sign after last week’s losses as markets awaited key inflation data and an Apple iPhone launch.
The pullback last week came amid concerns over a slowing US economy exacerbated by seasonal dynamics with analysts pointing to September as a historically weak period for equities.
“Will there be a successful buy-the-dip rebound or will the gains invite renewed selling pressure?” asked Briefing.com analyst Patrick O’Hare.
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.7 percent at 40,627.99.
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The broad-based S&P 500 advanced 0.8 percent to 5,453.57, while the tech-rich Nasdaq Composite Index gained 1.0 percent to 16,856.76.
Markets are looking ahead to Wednesday’s consumer price index report, which will be closely scrutinized ahead of an upcoming Federal Reserve decision.
Investors are also keen to see what is offered at a launch event later Monday by Apple, which fell 1.2 percent.
Google parent Alphabet rose 1.4 percent as the tech giant faces a government antitrust trial that accuses the tech giant of dominating online advertising and stifling competition.
Boeing jumped 4.0 percent after announcing a preliminary agreement with a Seattle-based machinist union that would avert a crippling strike. Workers will vote on the proposal on Thursday.
Source: Brecorder
