NEW YORK: Wall Street stocks rose on Monday on improved Chinese data and better sentiment on US-China trade talks, concluding a volatile third quarter on an upbeat note.
The closely-watched Caixin manufacturing index in China rose in September to 51.4 from 50.4, despite a bruising US-China trade war that has raised uncertainty over investment.Analysts also cited comments from Trump administration officials that downplayed the likelihood of potential new US restrictions on Chinese investment. Stocks fell on Friday following reports the White House was weighing a plan to delist Chinese companies from US stock markets.The broad-based S&P 500 gained 14.
Investors are looking ahead to the resumption of talks between Beijing and Washington in October, said Quincy Krosby, chief market strategist of Prudential Financial. The talks are"clearly a positive for the markets because the effect it has on the world economy is paramount going into the last quarter," Krosby said.
Among individual stocks, Apple jumped 2.4 per cent after a note from JPMorgan Chase lifted its price target, arguing that the solid outlook for iPhone sales has been underestimated.US economic indicators this week include the Institute for Supply Management's reports on manufacturing and services sector activity, as well as the September jobs report from the Department of Labour.