Wall Street Indexes Rise Over 1 Percent as Trade Worries Ease – New York Times


Investors will look for further indications of China’s stance on trade relations when Chinese President Xi Jinping speaks at the Boao Forum, an economic conference in Asia, on Tuesday.

The week also marks the start of earnings season with big U.S. banks such as JPMorgan Chase, Citigroup and Wells Fargo set to report first-quarter results on Friday.

“Profits are a big part of the bull story,” Lerner said. “We think this earnings season will re-establish the uptrend in the market.”

The Dow Jones Industrial Average rose 352.73 points, or 1.47 percent, to 24,285.49, the S&P 500 gained 38.91 points, or 1.49 percent, to 2,643.38 and the Nasdaq Composite added 115.09 points, or 1.66 percent, to 7,030.20.

The FANG group, comprising four closely-watched momentum stocks – Facebook Inc, Amazon.com Inc, Netflix Inc and Google parent company Alphabet Inc – were up between 1.2 percent and 2.4 percent.

Facebook chief executive Mark Zuckerberg is scheduled to testify before Congress this week regarding security issues related to the misuse of user data. In remarks released by the U.S. House Energy and Commerce Committee on Monday, he apologized for not taking enough measures to protect Facebook users’ information. AveXis Inc rose 82.0 percent after Swiss drugmaker Novartis offered to buy the gene therapy company for $8.7 billion.

Merck & Co Inc shares rose 6.1 percent after the drugmaker’s blockbuster cancer drug, Keytruda, met the main study goal of helping previously untreated lung cancer patients live longer.

Shares of Leucadia National Corp jumped 12.7 percent after the company said it would sell most of its non-financial assets to focus on investment banking and advisory services.

Advancing issues outnumbered declining ones on the NYSE by a 2.10-to-1 ratio; on Nasdaq, a 2.12-to-1 ratio favored advancers.

(Additional reporting by Sweta Singh and Diptendu Lahiri in Bengaluru; Editing by Arun Koyyur and Nick Zieminski)

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