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US stocks soar on China trade balance
US stocks carried their momentum forward into Monday after Chinese trade data topped forecasts. China’s August trade balance showed exports rose 7.2 percent, compared to 5.1 percent the previous month. The rate of growth for imports was slower than expected at 7 percent. Consumer inflation stayed below government target, rising at an annualized rate of 2.6 percent for August, according to a report from China’s Bureau of Statistics. As the world’s largest consumer, China’s trade balance has significant influence on the global economy, especially for commodity exporting nations.
Stocks were led higher by a surging technology sector. Apple, Inc. (NASDAQ:AAPL) advanced 1.66 percent to $506.49 a share as investors eye the unveiling of new iPhone models Tuesday. Oracle Corporation (NYSE:ORCL) , the multinational hardware and software developer, advanced 1.77 percent to $32.77 a share. IBM (NYSE:IBM) , Intel (NASDAQ:INTC) and Microsoft (NASDAQ:MSFT) each advanced at least 1 percent to help propel the major indices to multi-week highs.
Financials also helped propel the Standard & Poor’s 500 to its highest level since August 14. S&P Financials advanced 1.4 percent, led by Citigroup. America’s third largest financial holding company advanced more than 1.7 percent to $50.01 after it eliminated the final remnants of US government holdings left over from the 2008 financial crisis. The S&P 500 ended the New York session at 1,671.71, a gain of 1 percent
The Dow Jones Industrial Average added more than 110 points to reclaim the 15K mark, closing at 15,036.30. The NASDAQ Composite reported the biggest percentage gain at 1.26 percent to close at 3,706.18.
Later in the week the markets will shift their attention to Congress, which will vote on the US President’s proposed military action in Syria. The president failed to generate more backing for a military strike at last week’s Group of 20 meetings. Barrack Obama will address the American people directly Tuesday evening prior to the vote on Wednesday.
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