Wall Street gains as crude price surge, strong economic data prompt broad rally

wall street gains as crude price surge strong economic data prompt broad rally

Sumary of Wall Street gains as crude price surge, strong economic data prompt broad rally:

  • All three major US stock indexes gathered strength as the session progressed, with economically sensitive cyclicals, smallcaps and transportation stocks leading the charge.
  • While value stocks initially held the advantage, the risk-on sentiment gained momentum through the afternoon, broadening to include growth stocks.
  • “Today is the first time in a while when both growth and value stocks are doing pretty well.
  • The Dow Jones Industrial Average rose 236.82 points, or 0.68 per cent, to 34,814.39;
  • Energy was by far the biggest gainer, benefiting from a jump in crude prices driven by a drawdown in US stocks.
  • US-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.
  • “It would be tough to buy any Chinese stocks,” Carlson said.
  • US-based casino operators Las Vegas Sands Corp, Wynn Resorts Ltd and MGM Resorts International slid between 1.7 per cent and 6.3 per cent.

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