AIRLINK 58.23 Decreased By ▼ -0.37 (-0.63%)
BOP 6.24 Increased By ▲ 0.03 (0.48%)
CNERGY 3.97 Decreased By ▼ -0.02 (-0.5%)
DFML 16.07 Increased By ▲ 0.06 (0.37%)
DGKC 67.61 Increased By ▲ 0.29 (0.43%)
FCCL 17.82 Increased By ▲ 0.27 (1.54%)
FFBL 25.40 Decreased By ▼ -0.49 (-1.89%)
FFL 9.15 Increased By ▲ 0.01 (0.11%)
GGL 9.79 Increased By ▲ 0.02 (0.2%)
HBL 113.77 Increased By ▲ 1.27 (1.13%)
HUBC 111.61 Decreased By ▼ -3.68 (-3.19%)
HUMNL 6.55 Decreased By ▼ -0.04 (-0.61%)
KEL 4.39 Increased By ▲ 0.17 (4.03%)
KOSM 4.59 Increased By ▲ 1.03 (28.93%)
MLCF 37.73 Increased By ▲ 0.62 (1.67%)
OGDC 125.21 Increased By ▲ 8.81 (7.57%)
PAEL 22.61 Decreased By ▼ -0.10 (-0.44%)
PIAA 11.10 Increased By ▲ 0.31 (2.87%)
PIBTL 6.17 Decreased By ▼ -0.08 (-1.28%)
PPL 109.07 Increased By ▲ 5.07 (4.88%)
PRL 26.84 Increased By ▲ 0.45 (1.71%)
PTC 10.48 Increased By ▲ 0.95 (9.97%)
SEARL 52.85 Increased By ▲ 0.86 (1.65%)
SNGP 66.38 Increased By ▲ 1.26 (1.93%)
SSGC 11.01 Increased By ▲ 0.08 (0.73%)
TELE 7.13 Decreased By ▼ -0.08 (-1.11%)
TPLP 11.93 Decreased By ▼ -0.06 (-0.5%)
TRG 76.07 Decreased By ▼ -0.78 (-1.01%)
UNITY 20.47 Decreased By ▼ -0.02 (-0.1%)
WTL 1.30 No Change ▼ 0.00 (0%)
BR100 6,441 Increased By 109.2 (1.72%)
BR30 22,098 Increased By 468.8 (2.17%)
KSE100 62,816 Increased By 901.5 (1.46%)
KSE30 21,134 Increased By 282.7 (1.36%)

NEW YORK: Wall Street’s main indexes rose on Monday, with banks and energy shares leading the gains, as investors returned to riskier assets after a sharp selloff last week that was fanned by worries about slowing economic growth.

Nine of the 11 major S&P sectors advanced in early trading. Energy shares jumped 3.4% after losing 7.3% over the past week on fears new COVID-19 curbs would hit fuel demand.

Industrials and banks added 0.7% and 1.2%, respectively.

Pfizer jumped 3.9% after the US Food and Drug Administration gave full approval to the COVID-19 vaccine made by it and German partner BioNTech SE for use in people over the age of 16. The S&P 500 and Dow slipped from all-time highs last week on worries that a surge in cases of the Delta variant would further hurt the economy at a time when growth was already beginning to slow.

At 10:04 a.m. ET, the Dow Jones Industrial Average was up 232.69 points, or 0.66%, at 35,352.77, the S&P 500 was up 32.79 points, or 0.74%, at 4,474.46.

The Nasdaq Composite was up 142.81 points, or 0.97%, at 14,857.47, with Facebook Inc, Apple Inc, Amazon.com, Google-owner Alphabet Inc and Tesla Inc all up between 0.6% and 2.7%.

The Federal Reserve’s annual economic symposium in Jackson Hole, Wyoming, will now be closely watched for cues on when the central bank would start to taper its massive pandemic-era stimulus. The summit will be held virtually, on Aug. 27, for a second straight year.

“People are expecting that the accommodative positioning of the Fed will stay in place for at least another handful of months as Delta has given the Fed to do nothing in the short term,” said Thomas Hayes, managing member at Great Hill Capital in New York.

“When you have so much liquidity in the system and there’s not any other place to go with rates so low ... investors who have bought these dips have been amply rewarded. So I don’t see that changing until when they announce taper.”

Data showed US business activity growth slowed for a third straight month in August, with IHS Markit’s flash Composite PMI output index, falling to 55.4 - the lowest since last December - from 59.9 in July.

Among other stocks, US-listed shares of Trillium Therapeutics Inc surged 188.4% after Pfizer agreed to buy remaining shares of cancer drug developer it does not already own in a $2.26 billion deal.

General Motors Co fell 2.9% after the largest US automaker said it would take a $1 billion hit to expand the recall of its Chevrolet Bolt electric vehicles due to the risk of fires from the high-voltage battery pack.

Advancing issues outnumbered decliners by a 3.36-to-1 ratio on the NYSE and a 3.61-to-1 ratio on the Nasdaq.

The S&P index recorded 48 new 52-week highs and no new low, while the Nasdaq recorded 65 new highs and 19 new lows.

Comments

Comments are closed.