Nasdaq rises to record again on economic recovery hopes
By Caroline Valetkevitch (Reuters) - U.S. stocks rose on Monday with the Nasdaq hitting a new intraday high after a surprisingly upbeat jobs report last week raised expectations of a swift recovery from a coronavirus-driven downturn. If the Nasdaq closes at an all-time high above 9,817.18 set on Feb
By Caroline Valetkevitch
(Reuters) - U.S. stocks rose on Monday with the Nasdaq hitting a new intraday high after a surprisingly upbeat jobs report last week raised expectations of a swift recovery from a coronavirus -driven downturn.
If the Nasdaq closes at an all-time high above 9,817.18 set on Feb. 19, it would confirm a bull market began on March 23, according to a widely accepted definition. The Nasdaq is the first of the Wall Street's three main indexes to bounce back from the market crash caused by the pandemic.
It hit an intraday high of 9896.978 on Monday.
A closely watched monthly jobs report on Friday showed an unexpected fall in unemployment rate, bolstering views that the worst of the economic damage from the virus outbreak was over.
"With the U.S. economy continuing to open and with New York City beginning an important reopening, the market is absorbing that, and what's important is without a significant uptick in virus-related hopitalizations or deaths, the consumer is becoming increasingly optimistic," said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.
The energy sector <.SPNY> climbed the most among the 11 major S&P sectors as major oil producers agreed over the weekend to extend a deal on record output cuts.
Beaten-down shares of cruise operators Carnival Corp
Planemaker Boeing Co
The Dow Jones Industrial Average <.DJI> rose 324.75 points, or 1.2%, to 27,435.73, the S&P 500 <.SPX> gained 25.36 points, or 0.79%, to 3,219.29 and the Nasdaq Composite <.IXIC> added 75.14 points, or 0.77%, to 9,889.23.
The focus this week will be on the Federal Reserve's two-day policy meeting, ending on Wednesday, where the jobs report will most likely be discussed.
It would be the first meeting since April when Fed Chair Jerome Powell said the U.S. economy could feel the weight of the economic shutdown for more than a year.
Advancing issues outnumbered declining ones on the NYSE by a 3.95-to-1 ratio; on Nasdaq, a 2.81-to-1 ratio favored advancers.
The S&P 500 posted 17 new 52-week highs and no new lows; the Nasdaq Composite recorded 76 new highs and no new lows.
(Additional reporting by Devik Jain and Medha Singh in Bengaluru; Editing by Cynthia Osterman)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.