US stocks higher af­ter Chi­nese mar­ket surges

The China Post - - FRONT PAGE - BY ALEX VEIGA

U.S. stocks climbed Thurs­day morn­ing, ex­tend­ing their re­cov­ery from a sharp sell-off that was trig­gered by con­cerns about the health of the Chi­nese econ­omy.

In­vestors were en­cour­aged by a surge in the Chi­nese stock mar­ket as the na­tion’s main in­dex logged its big­gest gain in eight weeks. In the U.S., a re­port showed that the econ­omy ex­panded at a much faster pace than pre­vi­ously es­ti­mated in the sec­ond quar­ter.

The Dow Jones in­dus­trial av­er­age climbed 236 points, or 1.4 per­cent, to 16,518 as of 10:49 a.m. Eastern time. The Stan­dard & Poor’s 500 in­dex gained 29 points, or 1.5 per­cent, to 1,970. The Nas­daq com­pos­ite rose 84 points, or 1.9 per­cent, to 4,786.

Mar­kets have been volatile since China de­cided to weaken its cur­rency ear­lier this month. In­vestors in­ter­preted the move as an at­tempt to bol­ster a sag­ging econ­omy.

Traders are also jit­tery about the out­look for in­ter­est rates. The Fed­eral Re­serve has sig­naled it could raise its key in­ter­est rate for the first time in nearly a decade later this year.

Newspapers in English

Newspapers from Taiwan

© PressReader. All rights reserved.