Egypt partners with Google to promote 'unmatched diversity' tourism campaign    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Taiwan GDP surges on tech demand    World Bank: Global commodity prices to fall 17% by '26    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Egypt to boost marine protection with new tech partnership    France's harmonised inflation eases slightly in April    Eygpt's El-Sherbiny directs new cities to brace for adverse weather    CBE governor meets Beijing delegation to discuss economic, financial cooperation    Egypt's investment authority GAFI hosts forum with China to link business, innovation leaders    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    Egypt's Foreign Minister calls new Somali counterpart, reaffirms support    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Egypt's Al-Sisi, Angola's Lourenço discuss ties, African security in Cairo talks    Egypt's Al-Mashat urges lower borrowing costs, more debt swaps at UN forum    Two new recycling projects launched in Egypt with EGP 1.7bn investment    Egypt's ambassador to Palestine congratulates Al-Sheikh on new senior state role    Egypt pleads before ICJ over Israel's obligations in occupied Palestine    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates    EHA explores strategic partnership with Türkiye's Modest Group    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egypt hosts World Aquatics Open Water Swimming World Cup in Somabay for 3rd consecutive year    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Wall Street stocks surge on optimism from China data, bank earnings
Published in Amwal Al Ghad on 19 - 01 - 2016

Wall Street edged higher Tuesday morning after China's slowest annual growth rate in 25 years raised hopes of further stimulus measures from Beijing, and on strong earnings reports from Bank of America and Morgan Stanley.
China's 2015 growth hit 6.9 percent after the fourth quarter slowed to 6.8 percent, capping a tumultuous year in which concerns about Beijing ability to rebalance the slowing economy have rattled investors across markets.
"By no means is this indicative of the worst is over," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey.
"We've had a very erratic, choppy start to the year and the China news is going to give investors a reason to do some short covering and something to hang their hats on," he said.
Wall Street is coming off a massive selloff on Friday that saw the S&P 500 sinking to its lowest since October 2014.
At 9:39 a.m. ET (14:39 GMT), the Dow Jones industrial average was up 159.64 points, or 1 percent, at 16,147.72.
The S&P 500 was up 17.12 points, or 0.91 percent, at 1,897.45 and the Nasdaq Composite index was up 42.18 points, or 0.94 percent, at 4,530.60.
Eight of the 10 major S&P sectors were higher, led by the 1.36 percent rise in consumer staples stocks. P&G was the biggest influence on the sector.
Bank of America rose 2 percent to $14.75 and Morgan Stanley jumped 3.9 percent to $26.95 after the Wall Street banks reported better-than-expected quarterly profits.
The results also boosted Goldman Sachs, JPMorgan, Citigroup and Wells Fargo by about 1.5 percent. The financial sector was up 0.61 percent.
P&G rose 1.1 and McDonald's was up 1.6 percent after brokerages upgraded both stocks.
UnitedHealth was up 2.4 percent at $111.91, giving the biggest boost to the Dow, after the health insurer reported a 30 percent rise in quarterly revenue.
Investors will scrutinize corporate earnings reports for a bearing on the impact of the global slowdown on results. S&P 500 companies are expected to report a 4.7 percent drop in quarterly profit, according to Thomson Reuters data.
Tiffany was down nearly 4 percent at $65 after the upscale jeweler said holiday season sales fell 6 percent.
IBM and Netflix are scheduled to report results after the close.
Advancing issues outnumbered decliners on the NYSE by 1,888 to 920. On the Nasdaq, 1,594 issues rose and 825 fell.
The S&P 500 index showed no new 52-week highs and two new lows, while the Nasdaq recorded one new high and 41 new lows.
Source: Reuters


Clic here to read the story from its source.