INSUBCONTINENT EXCLUSIVE:
Wall Street main indexes rose 1% on Monday following their worst week in at least four months as Amazon and Nike gained and United States
factory activity showed a surprise rebound.
ISM data showed the manufacturing sector expanded in January after five straight months of
contraction, offering hope that a prolonged slump in business investment has probably bottomed out.
Alphabet Inc gained 2.6% ahead of its
quarterly results, which will wrap up earnings for the so-called FAANG group of stocks.
A 4.1% rise in Nike Inc's shares after JP Morgan
added the footwear maker to their focus list provided the biggest boost to the Dow Industrials.
The consumer discretionary index gained
1.6%, the most among the 11 major S-P indexes.
Also helping the mood was steps by China's central bank to improve liquidity and relieve
pressure on its economy from the impact of the coronavirus epidemic.
Fears surrounding the economic impact of the outbreak, which has been
declared as a global emergency, had shaved off more than 600 points from the Dow Jones Industrials and pushed the benchmark S-P 500 into the
red for the year on Friday.
"People are just looking at this as an opportunity to step in and do a little bit of buying," said Robert
Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in New York.
"The coronavirus concerns are still
at the forefront of investors' minds."
At 10:16 a.m
ET, the Dow Jones Industrial Average was up 319.06 points, or 1.13%, at 28,575.09, the S-P 500 was up 35.54 points, or 1.10%, at 3,261.06
The Nasdaq Composite was up 131.46 points, or 1.44%, at 9,282.40.
Gilead Sciences Inc's shares jumped 4.5% after the drugmaker said it has
provided its experimental Ebola therapy for use in a small number of patients affected by the coronavirus in China.
Advancing issues
outnumbered decliners by a 3.20-to-1 ratio on the NYSE and a 2.66-to-1 ratio on the Nasdaq.
The S-P index recorded 17 new 52-week highs and
five new lows, while the Nasdaq recorded 37 new highs and 36 new lows.