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Wall Street rises as trade worries ease, tech stocks gain; Dow rises 1.4%

The Dow Jones Industrial Average rose 352.73 points, or 1.47%, to 24,285.49, the S&P 500 gained 38.91 points, or 1.49%, to 2,643.38 and the Nasdaq Composite added 115.09 points, or 1.66%, to 7,030.20

April Joyner | Reuters  |  New York 

Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York. Photo: Reuters
Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York. Photo: Reuters

Wall Street's indexes rose more than 1 percent each on Monday as jumped and a softer stance by US policymakers on tariffs powered a rebound from last week's sell-off.

Led by tech, ten of the 11 S&P sectors were higher and 29 of the 30 Dow components were in positive territory. was the biggest boost to the Dow, while gains in Apple shares led the

US Donald Trump's told CNBC that the may be open to forming an international coalition to grapple with Chinese trade issues.

"We're getting a little bit softer commentary from folks with the (Trump) administration," said Keith Lerner, at SunTrust in "We're basically recouping what we lost on Friday."

Global equity came under pressure last week as the and threatened each other with tens of billions worth of tariffs.

Investors will look for further indications of China's stance on trade relations when Chinese speaks at the Boao Forum, an economic conference in Asia, on Tuesday.

The week also marks the start of earnings season with big US banks such as JPMorgan Chase, and set to report first-quarter results on Friday.

"Profits are a big part of the bull story," Lerner said. "We think this earnings season will re-establish the uptrend in the market."

The Industrial Average rose 352.73 points, or 1.47%, to 24,285.49, the gained 38.91 points, or 1.49%, to 2,643.38 and the added 115.09 points, or 1.66%, to 7,030.20.

The group, comprising four closely-watched momentum stocks - Inc , , Netflix Inc and parent company - were up between 1.2% and 2.4%.

is scheduled to testify before this week regarding security issues related to the misuse of user data. In remarks released by the House Energy and Commerce Committee on Monday, he apologised for not taking enough measures to protect users' information. rose 82% after Swiss drugmaker offered to buy the company for $8.7 billion.

shares rose 6.1% after the drugmaker's blockbuster cancer drug, Keytruda, met the main study goal of helping previously untreated lung cancer patients live longer.

Shares of jumped 12.7% after the company said it would sell most of its non-financial assets to focus on and

 

First Published: Tue, April 10 2018. 02:05 IST
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