Sumary of Wall Street gains on crude price surge, economic data:
- All three major U.S. stock indexes gathered strength throughout the session as investor favor pivoted back to value stocks, which stand to benefit most from an economic rebound.
- Article content The graphic below shows major indicators against the Fed’s average annual 2% inflation target.
- The Dow Jones Industrial Average rose 247.68 points, or 0.72%, to 34,825.25;
- and the Nasdaq Composite added 93.96 points, or 0.62%, at 15,131.72. While all 11 major sectors in the S&P 500 were green, energy was by far the best performer, benefiting from a jump in crude prices driven by a drawdown in U.S. stocks.
- U.S.-listed Chinese stocks extended recent losses, as weak retail sales data pointed to a possible economic slowdown in the mainland, while Beijing’s regulatory overhaul of Macau’s casino industry further dampened appetite for Chinese stocks.
- Article content “There’s uncertainty about what China could do – and it would appear to be one thing after another – and that has caused profit taking across the board in Chinese related names,” Ghriskey added.
- U.S.-based casino operators Las Vegas Sands Corp, Wynn Resorts Ltd and MGM Resorts International were off between 3% and 8%.
- Apple Inc snapped a decline over recent sessions following an adverse court ruling on its business practices, and a lukewarm response to its event on Tuesday where it unveiled updates to its iPhone and other gadgets.