Home Market Wall St rallies on gains in retailers, tech rebound

Wall St rallies on gains in retailers, tech rebound


New York: Wall Street stocks bounced early Monday, recovering some of last week's losses ahead of key US economic releases and fresh insights on Federal Reserve monetary policy.

About 10 minutes into trading, the Dow Jones Industrial Average had gained 1.2 per cent to 24,564.51.

The broad-based S&P 500 gained 1.1 per cent to 2,661.08, while the tech-rich Nasdaq Composite Index also rose 1.1 per cent to 7,015.89.

US stocks fell sharply last week on worries about higher interest rates, the ongoing US-China trade war and retreating oil prices that could signify sharply lower global growth.

But oil prices rose Monday, along with stocks, which were "poised to bounce from a short-term oversold condition," said Briefing.com analyst Patrick O'Hare.

Key data releases this week include a second estimate for US third-quarter growth, a report on consumer confidence and minutes from the Fed's last monetary policy meeting.

In addition, President Donald Trump is due to meet China's leader Xi Jinping in Buenos Aires late this week on the sidelines of the Group of 20 summit, to try to find a solution to trade tensions between the countries.

Leading US retailers were mostly higher at the start of "cyber Monday", a key juncture in the holiday sales season when stores offer online promotions. Walmart, Target and Best Buy all rose in early trading.

General Motors gained 1.6 per cent on reports the auto giant will close a factory in Canada and cut production of certain models, putting almost 3,000 jobs at risk.

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