Traders work on the floor of the New York Stock Exchange in New York December 27, 2018. ― Reuters picNEW YORK, May 21 — Wall Street stocks rose early today, extending a market rebound following a three-day slide earlier in the week as European economic data strengthened significantly.
Business activity in the eurozone is growing at its fastest rate in three years, according to IHS Markit, an indication of rising momentum after business restrictions imposed during the Covid-19 pandemic. Major indices scored strong gains yesterday following consecutive declines, as investors bet on the strength of the reopening economy and appeared to put aside concerns about inflation.The broad-based S&P 500 gained 0.5 per cent to 4,180.27, while the tech-rich Nasdaq Composite Index edged up 0.2 per cent to 13,557.90.
Among individual companies, Home Depot climbed 0.7 per cent as it announced a new US$20 billion share repurchase programme. Deere & Co. gained 1.4 per cent after reporting that quarterly earnings more than doubled on a 35 per cent jump in revenues. The farm equipment maker cited “strong market conditions and broad improvement across divisions and geographies.” — AFP