U.S. stocks rose,
following the Standard & Poor’s 500 Index’s second-biggest weekly
retreat this year, after a late rally in Chinese stock markets led
global equities higher.
Apple Inc., Amazon.com
Inc., Wells Fargo & Co. and General Motors Co. all posted gains of
at least 2.1 percent amid a broad-based rally as investors returned from
the Labor Day holiday. Teco Energy Inc. surged 24 percent to a 13-year
high after agreeing Friday to a $6.5 billion buyout by Canada’s Emera
Inc. Meredith Corp. added 10 percent after Media General Inc. agreed to
buy the company in an acquisition valued at about $2.4 billion.
The S&P 500 jumped
1.8 percent to 1,955.83 at 12:26 p.m. in New York, after sliding 1.5
percent on Friday. The Dow Jones Industrial Average rallied 301.25
points, or 1.9 percent, to 16,403.63. The Nasdaq Composite Index
advanced 2 percent.
Equities around the
world climbed today, led by China. A rally in Shanghai in the final hour
of trading followed a pattern that has recently suggested state
intervention to prop up the nation’s equities. U.S. stocks have turned
more volatile in recent weeks amid concerns that a Chinese economic
slowdown will weigh on global growth, while investors bet the Federal
Reserve is on course this year for its first interest-rate increase
since 2006.
Source: Bloomberg
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