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.