US stocks climb as tech shares continue to lead rebound

  US stocks climb as tech shares continue to lead rebound Spencer Platt/Getty Images US stocks finished the day higher on Tuesday as investo...

 

US stocks climb as tech shares continue to lead rebound



  • US stocks finished the day higher on Tuesday as investors sized up encouraging global economic data and technology stocks continued to lead a market rebound.
  • China's recovery from the COVID-19 pandemic has continued to accelerate - the country reported that retail sales rose by 0.5% in August.
  • China's unemployment rate continued to recover as well, falling to 5.6% in August from 5.7% in July.
  • Oil traded higher despite a lowered OPEC forecast for the commodity market's demand recovery. West Texas Intermediate crude rose as much as 3.5%, to $38.57 per barrel.
  • Watch major indexes update live here.
  • US stocks climbed on Tuesday, but pared their gains towards the end of the day as investors sized up encouraging global economic data. 

    China's economic recovery from the COVID-19 pandemic has continued to accelerate, according to economic data released by the National Bureau of Statistics on Tuesday.

    For the first time this year, retail sales in the second-largest economy rose, jumping by 0.5% in August compared with last year. The unemployment rate fell to 5.6% in August from 5.7% in July. Industrial activity in China jumped by 5.6% compared with a year ago, marking the fifth consecutive month of increases in the data set.

    In addition, German economic forecasts received a surprise boost, with a gauge of forward six-month activity coming in above all estimates.

    Here's where US indexes stood at the 4 p.m. ET market open on Tuesday:

    Read more: MORGAN STANLEY: Buy these 6 stocks poised for gains as the economic recovery continues and Congress mulls more coronavirus stimulus

    Technology stocks have continued to lead the market rebound in recent days. Tech investors had their eyes on Apple's product event on Tuesday afternoon. The tech giant announced new iterations of the Apple Watch and iPad. Shares of Apple traded as much as 1.5% lower after the event before closing modestly higher.

    Speaking of tech stocks, a fund manager survey released by Bank of America revealed that investors are worried that the long US tech trade is "the most crowded trade of all time."

    Social Capital CEO Chamath Palihapitiya extended Monday's merger mania with a confirmed deal for Opendoor. The property-technology company is set to merge with Social Capital Hedosophia II in a deal that values Opendoor at $4.8 billion.

    Read more: Anthony Angotti quit his 9-to-5 career to pursue real-estate investing full time. Here's the strategy he's used to balloon his portfolio to 89 units after an initial duplex investment.

    Additionally, Palihapitiya reportedly plans to raise $500 million for a fourth SPAC, signaling that the "blank check" craze is not ending anytime soon.

    Meanwhile, Palantir's prospectus filing with the Securities and Exchange Committee suggested a market valuation of $20 billion as it prepares a direct listing, sidestepping the traditional IPO process.

    Spot gold slid as much as 0.4%, to $1,948.52 per ounce, continuing to trade just below $2,000. The US dollar weakened and Treasury yields fell slightly.

    Oil traded mostly higher despite a lowered OPEC forecast for demand in the commodity market. West Texas Intermediate crude climbed as much as 3.5%, to $38.57 per barrel. Brent crude, oil's international benchmark, rose 3.1%, to $40.82 per barrel, at intraday highs.

    Read more: Fred Stanske's fund is crushing the market using a Nobel-winning approach that exploits his rivals' biases. He told us 2 common errors investors should watch out for, and 3 indicators that will set them straight.

    COMMENTS

    Name

    BBC News,5,busines,5,business,6,Computer,4,corona,1,corona virus,1,coronavirus,1,Decoration,1,Education,3,Entertainment,5,Facebook slideshow,1,fashion,4,Food,5,Garden,1,Health,2,Home,1,Indian,1,Internet,1,Latest,2,lifestyle,1,Marketing,1,Modern,1,News,1,Politics,2,sports,7,Tech,3,Technology,4,today news,16,travel,3,Video show,1,Wedding,1,World News,6,
    ltr
    item
    9 News Trends: Find Breaking News: US stocks climb as tech shares continue to lead rebound
    US stocks climb as tech shares continue to lead rebound
    https://i.insider.com/5f58ce577ed0ee001e25e22b?format=jpeg
    9 News Trends: Find Breaking News
    https://www.9newstrends.asia/2020/09/us-stocks-climb-as-tech-shares-continue.html
    https://www.9newstrends.asia/
    http://www.9newstrends.asia/
    http://www.9newstrends.asia/2020/09/us-stocks-climb-as-tech-shares-continue.html
    true
    916105467554650433
    UTF-8
    Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content