Summary List Placement
US stocks move higher on Tuesday after investors sized up encouraging global economic data.
China’s recovery from the COVID-19 pandemic continued to accelerate after the country reported that retail sales rose by 0.5% in August.
The nation’s unemployment rate continued to recover as well, falling to 5.6% in August from 5.7% in July.
Investors also reacted to a surprise upgrade to economic forecasts in Germany.
Oil traded higher despite a lowered OPEC forecast for the commodity market’s demand recovery. West Texas Intermediate crude rose as much as 2%, to $38.02 per barrel.
Watch major indexes update live here.
US stocks climbed on Tuesday as investors sized up encouraging global economic data.
China’s economic recovery from the COVID-19 pandemic continues to accelerate, according to economic data released by the National Bureau of Statistics on Tuesday.
For the first time this year, retail sales in the world’s second largest economy jumped 0.5% in August compared to last year. The unemployment rate fell to 5.6% in August, from 5.7% in July. Industrial activity in China jumped by 5.6% compared to the prior year, marking the fifth consecutive month of increases in the data set.
In addition, German economic forecasts received a surprise boost, with a gauge of forward six-month activity coming in above all estimates.
Here’s where US indexes stood shortly after the 9:30 a.m. ET market open on Tuesday:
S&P 500: 3,419.05, up 1%
Dow Jones industrial average: 28,217.88, up 0.8% (225 points)
Nasdaq composite: 11,219.51, up 1.5%
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Technology investors will likely have their eyes glued to Apple’s expected product launch this afternoon, while macro investors will be eagerly anticipating Wednesday’s Fed policy meeting. The Fed is expected to remain dovish and leave rates unchanged.
Chamath Palihapitiya extended Monday’s merger mania with a confirmed deal for Opendoor. The property technology company will merge with Social Capital Hedosophia II in a deal that values Opendoor at an enterprise value of $4.8 billion.
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Meanwhile, Palantir’s prospectus filing with the SEC suggests a market valuation of $20 billion as it prepares a direct listing, sidestepping the traditional IPO process.
Spot gold gained as much as 0.8%, to $1,972.30 per ounce, as it continues to trade just below $2,000. The US dollar weakened and Treasury yields fell slightly.
Oil traded mostly higher despite a lowered OPEC forecast for demand of the commodity market. West Texas Intermediate crude climbed as much as 2%, to $38.02 per barrel. Brent crude, oil’s international benchmark, rose 1.8%, to $40.32 per barrel, at intraday highs.
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Source:: Business Insider