Dow Average Climbs Most in Two Months on China Exports

Bloomberg, (9/9) -- U.S. stocks rose, giving the Dow Jones Industrial Average its biggest gain since July 11, as exports from China topped forecasts and corporate acquisitions fueled optimism in the world’s largest economy. The S&P 500 gained 1 percent to 1,671.71 at 4 p.m. in New York, the highest level since Aug. 14. The benchmark gauge has rallied 2.4 percent over five days for the longest winning streak since July 15. The Dow added 140.62 points, or 0.9 percent, to 15,063.12. Chinese exports climbed 7.2 percent in August from a year earlier, the General Administration of Customs said in Beijing yesterday. That compared with the 5.5 percent median estimate of 46 economists surveyed by Bloomberg and July’s 5.1 percent gain. Imports increased a less-than-estimated 7 percent. Fed Bank of San Francisco President John Williams, who has backed record stimulus, said recent economic data signal gradual job market improvement in line with his expectations. The central bank will probably adopt a gradual, “multi-step” plan for tapering bond buying, Williams said today. Economists forecast the central bank will reduce its monthly $85 billion in asset buying by $10 billion at its meeting on Sept. 17-18, according to the median of 34 responses in a Bloomberg News survey of economists. President Barack Obama intensified his campaign to persuade a reluctant American public to back military action against Syria as Bashar al-Assad threatened retaliation “direct and indirect” if the U.S. attacks. Russia urged Syria to give up its stockpile of chemical weapons if doing so would help avoid a U.S.-led military strike, Foreign Minister Sergei Lavrov said. Obama is scheduled to deliver a national address at 9 p.m. tomorrow. The Senate is expected to vote on a resolution by the end of this week and the House of Representatives will probably debate the proposal next week. http://www.bloomberg.com/news/2013-09-09/u-s-stock-index-futures-gain-as-chinese-exports-rise.html