Wall Street surges on Apple, Microsoft, Amazon
By Noel Randewich (Reuters) - Wall Street surged on Monday, fueled by expectations of a coronavirus relief package and by a rally in Amazon, Apple and other technology stocks ahead quarterly earnings season. Apple Inc jumped nearly 7% ahead of an event on Tuesday, when it is expected to unveil its newest iPhones. Amazon rallied over 6% ahead of its annual Prime Day shopping event on Oct.
By Noel Randewich
(Reuters) - Wall Street surged on Monday, fueled by expectations of a coronavirus relief package and by a rally in Amazon, Apple and other technology stocks ahead quarterly earnings season.
The S&P 500 was about 1% below its record closing high from Sept. 2, nearly recovering from most of a 9% pullback last month.
Optimistic sentiment dominated after the Trump administration on Sunday called on Congress to pass a stripped-down coronavirus relief bill as negotiations on a broader package ran into resistance.
"It looks like the administration wants a deal done before the election," said Brian Battle, director of trading at Performance Trust Capital Partners in Chicago. "Now it's up to the Republican Senate to figure out how big the number is going to be."
Many investors view Democratic candidate Joe Biden as more likely to raise taxes, and for months have seen a second term for Trump, who favors deregulation, as better for the overall stock market.
However, with growing expectations of a Democratic win in next month's presidential election, investors are increasingly pointing to potential benefits of a Biden presidency, such as greater infrastructure spending and less global trade uncertainty.
Betting odds aggregated by RealClearPolitics suggest bettors see a 67% chance Biden will win and a 33% chance for Trump, the greatest gap so far between the two candidates.
With the Oct. 15 presidential debate officially canceled, Trump plans to travel to key battleground states this week as his doctor declared he was no longer a transmission risk for the novel coronavirus .
Results from big U.S. banks will be in focus this week, with JPMorgan & Co
Overall, analysts expect third-quarter earnings for S&P 500 companies to fall 20.7% from a year earlier, smaller than a 30.6% slump in the second quarter.
The Dow Jones Industrial Average <.DJI> was up 1.13% at 28,910.08 points, while the S&P 500 <.SPX> gained 2.01% to 3,546.95.
The Nasdaq Composite <.IXIC> added 3.16% at 11,945.77.
The S&P 500 energy index <.SPNY> fell 0.4% as oil prices dropped on easing supply worries. [O/R]
Advancing issues outnumbered declining ones on the NYSE by a 1.48-to-1 ratio; on Nasdaq, a 1.34-to-1 ratio favored advancers.
The S&P 500 posted 70 new 52-week highs and no new lows; the Nasdaq Composite recorded 158 new highs and 11 new lows.
(Additional reporting by Medha Singh and Shivani Kumaresan in Bengaluru; Editing by Marguerita Choy)
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.