Arab Today, arab today us stocks jump on shifting fed expectations dow 18
Last Updated : GMT 14:02:48
Arab Today, arab today
Arab Today, arab today

US stocks jump on shifting Fed expectations, Dow +1.8%

Arab Today, arab today

Arab Today, arab today US stocks jump on shifting Fed expectations, Dow +1.8%

US economy
New York - AFP

US stocks powered higher Monday, joining European equities in rallying on confidence that the Federal Reserve will delay hiking interest rates in light of some poor economic data.

The Dow Jones Industrial rose 304.06 points (1.85 percent) to 16,776.43.

The broad-based S&P 500 climbed 35.69 (1.83 percent) to 1,987.05, while the tech-rich Nasdaq Composite advanced 73.49 (1.56 percent) to 4,781.26.

Friday's poor US jobs report convinced many Fed watchers that the US central bank will delay a plan to lift interest rates until December at the soonest.

"A few days ago, people were very worried that the Fed would engage in a policy mistake and hike rates," said Alan Skrainka, chief investment officer at Cornerstone Wealth Management.

"Today, they're feeling a little better that that's not going to happen."

General Electric helped lead the Dow, jumping 5.3 percent on news that activist investor Nelson Peltz's Trian Fund Management took a one percent stake in the industrial conglomerate.

Other industrials in the Dow also scored big gains, including Caterpillar (+5.3 percent), Chevron (+3.0 percent), DuPont (+4.1 percent) and United Technologies (+2.8 percent).

Alcoa soared 9.4 percent on news it signed a deal with Airbus to supply about $1 billion worth of multi-material fastening systems.

Agricultural equipment maker Deere & Co. jumped 6.3 percent after announcing a tentative labor agreement with workers representing 10,000 Deere workers at 12 factories in the US.

Microblogging company Twitter advanced 7.0 percent as it announced co-founder Jack Dorsey, who has served as interim chief executive since July 1, would stay as head of the company.

Some other technology stocks also scored big jumps, including Amazon (+2.1 percent), Cisco Systems (+4.2 percent), Micron Technology (+10.4 percent) and Netflix (+4.8 percent).

Drugmaker Valeant Pharmaceuticals International tumbled 10.3 percent as it came under renewed fire for its drug-pricing policies with a front-page New York Times article questioning its practices. Democratic lawmakers in Congress have spotlighted the company as a poster child in the campaign against runaway drug prices.

Bond prices fell. The yield on the 10-year US Treasury rose to 2.06 percent from 1.98 percent Friday, while the 30-year climbed to 2.90 percent from 2.82 percent. Bond prices and yields move inversely.

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