Sumary of Wall St: S&P 500, Dow gain on factory data, strong oil prices:
- Industrial stocks were the second-best performers, rising 0.8% as data showed factory activity in the country continued to expand in August.
- Recent economic readings from across the globe, including weak Chinese retail sales and slowing growth in U.S. consumer prices, have suggested that the economic recovery in the second half of 2021 may not be as stellar as initially thought.
- U.S.-listed Chinese stocks extended recent losses after Chinese retail sales disappointed, while a growing debt crisis at China’s No.2 property developer, China Evergrande Group , raised fears of a possible impact on major lenders.
- They haven’t let a swathe of bad news at once,” said Keith Temperton, sales trader at Forte Securities.
- Concerns over Evergrande’s default have further dented appetite for Chinese stocks after a series of recent regulatory moves against major technology firms wiped out billions of dollars in market value.