clearn.png
Thursday October 21st, 2021 8:50PM

Stocks rise broadly in early trading following dismal week

By The Associated Press
Related Articles
  Contact Editor

Stocks rose broadly in early trading on Wall Street Monday as investors try to shake off the market's biggest weekly drop since June.

Most sectors in the benchmark S&P 500 contributed to the gains and roughly 70% of companies within the index moved higher. Energy companies and banks were particularly strong and led the gains. Health care stocks and a mix of companies that rely on direct consumer spending fell.

The S&P 500 rose 0.1% as of 10:10 a.m. The Dow Jones Industrial Average rose 187 points, or 0.5%, to 34,794 and the Nasdaq fell 0.5%.

The price of U.S. crude oil rose 1.7% and crossed back above $70. It hasn’t closed above that level since early August. Natural gas prices jumped 5.1%. The solid gains helped lift energy stocks, including a 2.1% rise for Exxon Mobil and a 2.6% rise for Cabot Oil & Gas.

Bond yields edged lower. The yield on the 10-year Treasury fell to 1.32% from 1.34% late Friday.

Several key pieces of news helped lift some companies and sectors.

Spirit Aerosystems, which is a key parts supplier to Boeing, rose 1.5% following the announcement of more government support for the industry. The Biden administration is making $482 million available to aviation industry manufacturers to help them avert job or pay cuts in the pandemic. Parker-Hannifin rose 0.9%.

Kansas City Southern rose 1.4% and Canadian Pacific gained 1.6% after Kansas City said a $31 billion bid from Canadian Pacific is the best of two offers to buy the railroad. The rival bidder, Canadian National, is also facing pressure from an investor who wants CN to drop its offer.

TransUnion fell 1.4% following a report that it was nearing a deal to buy data services company Neustar.

Investors have been dealing with choppy trading for weeks as they try to assess how the economic recovery moves forward with rising COVID-19 cases hurting consumer spending and employment growth, while raising prices on goods.

Wall Street will have several key pieces of data to review this week. The Labor Department will release its consumer price index for August on Tuesday, which will give investors another update on inflation as businesses and consumers face higher prices because of supply constraints.

The Commerce Department will release retail sales data for August on Thursday to a market still trying to determine the full impact of rising COVID-19 cases on consumer spending.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Utilities
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Stocks rise broadly in early trading following dismal week
Stocks are rising broadly in morning trading on Wall Street Monday as the market regains a more solid footing following its biggest weekly drop since June
10:23AM ( 30 minutes ago )
Dutch court: Uber drivers covered by taxi labor agreement
A court in Amsterdam has ruled that Uber drivers fall under the Dutch taxi drivers’ collective labor agreement
10:06AM ( 47 minutes ago )
Adapt or else: Downtown businesses cope with new reality
As the resilient coronavirus keeps offices closed and workers at home, some are adapting while others are trying to hang on
10:05AM ( 48 minutes ago )
Associated Press (AP)
UK's Johnson set to reveal road map to avoid more lockdowns
British Prime Minister Boris Johnson is set to announce how his government plans to control the coronavirus during the fall and winter
7:52AM ( 3 hours ago )
North Korea says it tested new long-range cruise missiles
North Korea says it has successfully tested newly developed long-range cruise missiles over the weekend
6:28AM ( 4 hours ago )
House Democrats post record August fundraising ahead of 2022
The campaign organization aiming to maintain Democratic control of the House in the 2022 midterm races raised $10 million last month
6:00AM ( 4 hours ago )
AP Business
World shares meander after Wall St ends with weekly loss
World shares and U.S. futures are mostly higher, bouncing back from losses last week on Wall Street
4:29AM ( 6 hours ago )
Asian shares trend lower after Wall St ends with weekly loss
Shares are lower in most Asian markets after Wall Street benchmarks ended last week with a decline
1:37AM ( 9 hours ago )
Greece's economy to grow 5.9% in 2021, prime minister says
Greece’s prime minister says the economy will grow 5.9% during 2021
3:54PM ( 1 day ago )
AP Business - Economy
Lebanon's new PM pledges to stabilize economic meltdown
Lebanon’s new prime minister has pledged to try and gain control of one of the world’s worst economic meltdowns, after forming a government following a year of political stalemate
1:27PM ( 2 days ago )
US stock indexes wobble, remain on track for weekly losses
Stocks wobbled up and down in choppy trading Friday, keeping major indexes on track to end this holiday-shortened week lower
1:11PM ( 2 days ago )
Stocks fall broadly, remain on track for weekly losses
Stocks gave up an early gain and turned lower Friday, remaining on track for weekly losses in this holiday-shortened week
11:44AM ( 2 days ago )
AP Business - Financial Markets
Vulnerable Democrats push for local priorities in budget
Congressional Democrats have set out to pass ambitious bills with historic expansions of the social safety net and long-sought new programs
10:55AM ( 23 hours ago )
Oil-rich Norway goes to polls with climate on the agenda
North Sea oil and gas has helped make Norway one of the wealthiest countries in the world
7:34AM ( 1 day ago )
The Latest: New Zealand buys 500K Pfizer doses from Denmark
New Zealand is buying an extra 500,000 doses of the Pfizer vaccine from Denmark as it tries to keep its coronavirus vaccination program running at full speed, the government said
10:52PM ( 1 day ago )
AP Business - Industries
New Orleans gets some Ida relief, but rural pain will linger
New Orleans is showing signs of making a comeback nearly two weeks after Hurricane Ida blasted coastal Louisiana
1:47PM ( 2 days ago )
New Orleans bouncing back, though post-Ida struggles remain
New Orleans is showing signs of making a comeback nearly two weeks after Hurricane Ida blasted coastal Louisiana
1:27PM ( 2 days ago )
Post-Ida recovery in New Orleans: Beer and beignets are back
New Orleans is showing signs of making a comeback nearly two weeks after Hurricane Ida blasted coastal Louisiana
11:43AM ( 2 days ago )
AP Business - Utilities
Dutch court: Uber drivers covered by taxi labor agreement
A court in Amsterdam has ruled that Uber drivers fall under the Dutch taxi drivers’ collective labor agreement
10:06AM ( 48 minutes ago )
Adapt or else: Downtown businesses cope with new reality
As the resilient coronavirus keeps offices closed and workers at home, some are adapting while others are trying to hang on
10:05AM ( 48 minutes ago )
Tony Awards land hosts Leslie Odom Jr. and Audra McDonald
The long-delayed Tony Awards have landed two impressive master of ceremonies — Tony- and Grammy-winning singer and actor Leslie Odom Jr. will host a splashy TV special and the awards will be hosted by Tony-, Grammy- and Emmy Award-winning actor and singer Audra McDonald
10:02AM ( 52 minutes ago )
Crews in southern Spain face 'complex' wildfire for 5th day
Firefighting crews in southern Spain are looking at the sky for much-needed rainfall they hope can help extinguish a major wildfire that has ravaged 7,700 hectares (19,000 acres) in five days and displaced some 2,600 people from their homes
10:01AM ( 52 minutes ago )
UK OKs vaccines for 12 year olds, aims to avoid lockdowns
Britain’s chief medical officers say children aged 12 to 15 should be vaccinated against the coronavirus
9:51AM ( 1 hour ago )