Wall Street rebounds as US manufacturing expands in January

  • Wall Street rebounds as US manufacturing expands in January

Wall Street rebounds as US manufacturing expands in January

Oil fell over 3% Monday after Chinese consumption was said to plunge by 20% amid efforts to control the spread of coronavirus. 505 percent, pushing the note's price greater.

General Motors and Merck will report financial results on Wednesday.

As of 1530 GMT, the Dow Jones Industrial Average was up 1.18% at 28,589.70, while the S&P 500 was 1.15% firmer at 3,262.61 and the Nasdaq Composite came out the gate 1.49% stronger at 9,287.37.

The S&P 500 on Friday sank 58.14 points, or 1.8 percent, to 3,225.52, a fall of 2.1 percent from 3,295.47 on January 24.

The S&P 500 had been off to a solid start for the year until concerns about the virus stunted it. The US stock market, which had been calmly setting record after record, suffered its worst January since 2016 and its first monthly loss since August previous year.

Travel and airline stocks led the way lower for the broader market last week, with Carnival and Norwegian Cruise Line among the hardest hit. He noted that with past outbreaks, such as severe acute respiratory syndrome, or SARS, stocks have tended to drop initially, only to bounce back once the rate of new infections slows. "You will continue to see kind of reallocation".

Chinese authorities have quarantined millions of people to contain the virus, which has infected more than 17,000 people and has been linked to more than 360 deaths.

Stocks in mainland China plummeted instantly in their very first session because final for the Lunar New Year holiday.

The Dow closed 143 points higher after rising as much as 374 points earlier in the day.

The Iowa caucuses are Monday, the first contest to choose a Democratic nominee to run against Donald Trump in November.

Worries about how the virus would impact the global economy dented USA stocks in their final trading day of January.

However, stocks gave back some of Monday's gains after Carnival confirmed one of its guests tested positive for coronavirus six days after leaving one of its ships. Economists polled by Dow Jones expected a contraction in manufacturing activity for January.

The U.S. manufacturing gauge from the Institute for Supply Management is due Monday. Tesla (TSLA) surged 19.9% after an Argus Research analyst boosted his price target to $808 per share.

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. Energy .SPNY was by far the worst performer, tumbling 3.18%.

The euro fell 0.33% to $1.1056, while the yen weakened 0.17% versus the greenback at 108.59 per dollar.

"Traders are looking for value where they can", he said.

The U.K. formally exited the EU Friday and entered into a transition period.