The Dow Jones Industrial Average rose 164.84 points, or 0.94 percent, to 17,721.25 on Tuesday, Xinhua news agency reported.
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A report from the Chinese Customs Office showed that Chinese exports jumped 11.5 percent year-over-year in March, reflecting the first increase since last June. Inflation at the producer level also came in weaker-than-expected.
Reflecting the easing global growth concerns, the safe haven Japanese yen pulled back further off its recent highs. The Nasdaq Composite posted the biggest gain among the benchmark indexes, heading for the highest close since December 31.
Prices for US government bonds and gold ticked up, suggesting that investors are still skeptical of the stability of energy stocks.
Traders also reacted positively to the day’s USA economic data, which generated some optimism the Federal Reserve will delay raising interest rates. Investors shrugged off a drop in oil futures as well as data showing retail sales in March dropped unexpectedly while wholesale prices ticked lower.
All 10 S&P sectors were higher in afternoon trading. In Europe, the broad Stoxx Europe 600 was 0.1% higher, Germany’s DAX index was up 0.3% and the CAC 40 in France was up 0.1%.
Steel stocks continue to see substantial strength in mid-day trading, benefiting from optimism about the outlook for global demand. “ORCRP010217-topic.html” class=”local_link” >JPMorgan Chase, Citigroup and Wells Fargo, will start releasing results.
The Dow Jones Industrial Average jumped 187.03 points (1.06 per cent) to 17,908.28.
In the bond market, treasuries are turning in a lackluster performance ahead of today’s ten-year note auction.
HONG KONG – Asian markets have performed well with Japan’s Nikkei rising more than one per cent after a rally in the yen against the United States dollar stalled following three weeks of consistent gains.
USA crude rose 1 percent to nearly $41 a barrel in NY.
Nine of the 10 major S&P sectors were higher, led by a 1.57 percent rise in the energy sector .SPNY . Consumer prices, scheduled for Thursday, are expected to climb 0.2%.
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ANALYST’S TAKE: “U.S. company reporting is a key factor this week”, said Michael McCarthy of CMC Markets, noting Monday’s report by aluminum mining giant Alcoa’s better than expected first-quarter earnings.
