At the closing bell on Monday the Dow Jones Industrial Average was at 16,774.70, up 302.33 points (1.84 per cent).
Advertisement
The Nasdaq composite rose 73.49 points, or 1.6 percent, to 4,781.26. The investors and shareholders were awaiting the reports and keeping a close watch on the effect that the recent job report and rate hike would have on the Index.
“Today, they’re feeling a little better that that’s not going to happen”.
Resource stocks continued to rise on increased risk appetite.
General Electric led the industrial sector higher, gaining 5.3 percent, after activist investor Nelson Peltz bought a stake in the company.
USA stocks opened higher on Monday, building on their gains Friday, when the S&P 500 and the Dow Jones Industrial Average staged their biggest intraday rebounds in four years.
Analysts thought that a soft jobs report could give the Fed a few reason to postpone rate hikes.
On Friday, the USA stocks reversed deep losses to end sharply higher as investors digested the soft non-farm payroll report.
“The Fed is extremely unlikely to begin policy normalisation as soon as this month and December is looking tenuous too”, Philip Borkin, a senior economist in Auckland at ANZ, said in a client note. The Index registered 56.9 percent in September, lower than the August reading of 59 percent and below market expectations of 57.5 percent, said the Institute Supply Management (ISM) in its monthly survey.
Advertisement
Potash Corp. (POT) has gained 5.1% to $21.55 after rescinding its bid $8.8-billion bid for Germany’s K+S.
