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Business

AFP
October 1, 2019

US stocks end volatile Q3 on positive note

Business

AFP
Tue, Oct 01, 2019

NEW YORK: Wall Street stocks rose Monday on improved Chinese data and better sentiment on US-China trade talks, concluding a volatile third quarter on an upbeat note.

The closely-watched Caixin manufacturing index in China rose in September to 51.4 from 50.4, despite a bruising US-China trade war that has raised uncertainty over investment.

Analysts also cited comments from Trump administration officials that downplayed the likelihood of potential new US restrictions on Chinese investment. Stocks fell Friday following reports the White House was weighing a plan to delist Chinese companies from US stock markets.

The Dow Jones Industrial Average ended at 26,916.69, up 0.4 percent.

The broad-based S&P 500 gained 0.5 percent to 2,976.71, while the tech-rich Nasdaq Composite Index jumped 0.8 percent to 7,999.34.

Both the Dow and S&P 500 finished with modest gains for the quarter, while the Nasdaq edged lower.

Stocks were battered in August after the US and China announced new tariff measures against each other, but markets rebounded in September amid more conciliatory messages from both sides.

Investors are looking ahead to the resumption of talks between Beijing and Washington in October, said Quincy Krosby, chief market strategist of Prudential Financial.

The talks are "clearly a positive for the markets because the effect it has on the world economy is paramount going into the last quarter," Krosby said.

Among individual stocks, Apple jumped 2.4 percent after a note from JPMorgan Chase lifted its price target, arguing that the solid outlook for iPhone sales has been underestimated.

US economic indicators this week include the Institute for Supply Management´s reports on manufacturing and services sector activity, as well as the September jobs report from the Department of Labor.