pcloudyn.png
Sunday September 27th, 2020 12:43AM

Wall Street opens higher, following broad gains overseas

By The Associated Press
Related Articles
  Contact Editor

NEW YORK (AP) — Stocks are opening higher on Wall Street, building on gains made over the previous two days. The S&P 500 was up 0.9% early Tuesday. Markets were also higher overseas folllowing encouraging economic reports from China and Germany. Traders will be watching Apple, which is set to announce updates to its iPad and smartwatch later in the day. The Federal Reserve will also be in focus as it starts a two-day policy meeting. It’s the first gathering since the Fed revised its operating framework in ways that will likely keep short-term interest rates near zero for years to come.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story appears below.

Global stock markets mostly rose on Tuesday as economic data in China and Germany improved and investors looked ahead to a policy meeting by the U.S. Federal Reserve.

Shares in major European and Asian markets rose though Tokyo closed slightly lower. On Wall Street, futures for the Dow and the S&P 500 were both 0.7% higher, suggesting the U.S. market will add to the previous day's gains.

The Shanghai Composite Index gained 0.5% to 3,295.68 after new figures showed that retail sales in the world's second biggest economy rose 0.5% in August over a year earlier for their first positive growth this year. The Chinese statistics agency cited it as a sign of “stable and continuous” economic recovery.

In Europe, sentiment got a further boost by a rise in the German ZEW index of economic confidence in September. The DAX in Frankfurt rose 0.3% to 13,236. The CAC 40 in France rose 0.5% to 5,076, while the FTSE 100 in London gained 1% to 6,089.

The Nikkei 225 in Tokyo fell 0.4% to 23,454.89 while the Hang Seng in Hong Kong added 0.4% to 24,734.71. The S&P-ASX 200 in Sydney was down less than 0.1% at 5,894.50.

India's Sensex advanced 0.4% to 38,903.72. Singapore and Bangkok gained while New Zealand and Jakarta retreated.

Tech stocks remain in focus after days of volatility. They rose Monday after Nvidia agreed to buy Softbank’s stake in chipmaker Arm Holdings for $40 billion.

Oracle climbed 4.3% after the software maker beat out Microsoft to become the “trusted technology provider” of Chinese-owned video app TikTok. The deal requires approval from the Trump administration, which deemed TikTok a security risk and demanded its sale to a U.S. owner.

In other deals, Gilead agreed to buy Immunomedics for $21 billion. Verizon purchased Tracfone for $6.25 billion and Alibaba invested $4 billion in Grab.

Looking ahead, investors will be watching the meeting of Federal Reserve policymakers this week, the first since they significantly revised the Fed’s operating framework in ways that will likely keep short-term interest rates near zero for years to come.

The focus will be on the statement that Fed policymakers release Wednesday and on the quarterly economic projections, which will for the first time include estimates for growth, unemployment and the Fed’s benchmark interest rate for 2023.

In energy markets, benchmark U.S. crude oil for October delivery rose 59 cents to $37.85 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 7 cents on Monday to $32.26. Brent crude oil for November delivery gained 50 cents to $40.11 per barrel in London. The contract dropped 22 cents in the previous session to $39.61.

The dollar edged down to 105.54 yen from Monday's 105.72 yen. The euro rose to $1.1893 from $1.1865.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Financial Services
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
3 more COVID cases linked to American's bar crawl in Bavaria
German authorities in the Alpine town of Garmisch-Partenkirchen say they've recorded three more cases of COVID-19 infection in people who frequented bars visited by a 26-year-old American woman suspected of flouting quarantine rules
1:00PM ( 6 minutes ago )
'Work like the devil': Biden visiting Florida to woo Latinos
Joe Biden is making his first trip to Florida as the Democratic presidential nominee, while his campaign is acknowledging concerns about his appeal with Latinos
12:49PM ( 17 minutes ago )
US stocks rise again as tech makes up more lost ground
Wall Street is strengthening again on Tuesday as big technology stocks wrest back more of their losses from their sudden belly flop earlier this month
12:47PM ( 19 minutes ago )
Associated Press (AP)
US tariffs on China are illegal, says world trade body
The World Trade Organization has ruled that the Trump administration's tariffs on Chinese goods worth more than $200 billion are illegal
12:07PM ( 59 minutes ago )
Yuengling, America's oldest brewer, invades the West Coast
West Coast beer lovers, it’s pronounced YING-ling
11:39AM ( 1 hour ago )
France fast-tracks citizenship for foreign virus fighters
France is to reward foreign health care-workers and other front-line personnel who distinguished themselves in the fight against COVID-19 by fast-tracking citizenship for those who want to become French
11:35AM ( 1 hour ago )
AP Business
Wall Street opens higher, following broad gains overseas
Stocks are opening higher on Wall Street, building on gains made over the previous two days
9:45AM ( 3 hours ago )
Dutch government to unveil budget overshadowed by virus
The Dutch government plans to invest in protecting jobs during the coronavirus crisis but has warned in a speech delivered by King Willem-Alexander that the country must brace for the harsh economic impact of the pandemic
8:29AM ( 4 hours ago )
Rosa Parks' home displayed in Italy as US race tensions rise
The run-down, paint-chipped Detroit house where U.S. civil rights icon Rosa Parks took refuge after her historic bus boycott is going on display in Italy
8:12AM ( 4 hours ago )
AP Business - Economy
Wall Street posts solid gains after surge in corporate deals
Wall Street ended solidly higher Monday following a burst of big corporate deals
5:05PM ( 20 hours ago )
Stocks snap higher on Wall Street following a burst of deals
Stocks are solidly higher on Wall Street Monday following a burst of big corporate deals
3:50PM ( 21 hours ago )
Stocks move higher on Wall Street following burst of deals
Stocks are solidly higher on Wall Street Monday following a burst of big corporate deals
11:38AM ( 1 day ago )
AP Business - Financial Markets
Shortage of virus tests in UK hurts effort to fight 2nd wave
Hospitals in England say a shortage of COVID-19 tests in the U.K. is jeopardizing efforts to restore medical services and prepare for a potential surge in coronavirus cases this winter
9:35AM ( 3 hours ago )
US industrial production up modest 0.4% in August
U.S. industrial production slowed to a modest 0.4% increase in August, far below the strong rebounds in recent months
9:30AM ( 3 hours ago )
The Latest: Thailand considers reopening plan for tourists
Thailand’s Cabinet has approved in principle a plan to reopen the country to tourists by issuing special renewable 90-day visas and limiting their numbers to 1,200 a month
8:42AM ( 4 hours ago )
AP Business - Industries
Billionaire hedge fund manager Cohen agrees to buy Mets
Billionaire hedge fund manager Steve Cohen has agreed to buy the New York Mets from the Wilpon and Katz families
7:46PM ( 17 hours ago )
Wildfires during pandemic intensify economic pain in West
The fires consuming the forests of California and Oregon and darkening the skies over San Francisco and Portland are also damaging a regional economy already singed by the coronavirus outbreak
4:24PM ( 20 hours ago )
Wildfires intensify economic pain in the West
The fires consuming the forests of California and Oregon and darkening the skies over San Francisco and Portland are also damaging a regional economy already singed by the coronavirus outbreak
2:19PM ( 22 hours ago )
AP Business - Financial Services
3 more COVID cases linked to American's bar crawl in Bavaria
German authorities in the Alpine town of Garmisch-Partenkirchen say they've recorded three more cases of COVID-19 infection in people who frequented bars visited by a 26-year-old American woman suspected of flouting quarantine rules
1:00PM ( 6 minutes ago )
'Work like the devil': Biden visiting Florida to woo Latinos
Joe Biden is making his first trip to Florida as the Democratic presidential nominee, while his campaign is acknowledging concerns about his appeal with Latinos
12:49PM ( 17 minutes ago )
US stocks rise again as tech makes up more lost ground
Wall Street is strengthening again on Tuesday as big technology stocks wrest back more of their losses from their sudden belly flop earlier this month
12:47PM ( 19 minutes ago )
City to pay millions to Breonna Taylor's mom, reform police
The city of Louisville will pay millions to the mother of Breonna Taylor and reform police practices as part of a lawsuit settlement months after Taylor’s slaying by police thrust the Black woman’s name to the forefront of a national reckoning on race
12:39PM ( 27 minutes ago )
Multi-million settlement reached in Breonna Taylor lawsuit
The city of Louisville will pay millions to the mother of Breonna Taylor and reform police practices as part of a lawsuit settlement months after Taylor’s slaying by police thrust the Black woman’s name to the forefront of a national reckoning on race
12:37PM ( 30 minutes ago )