NEW YORK: Wall Street stocks advanced early Monday, extending last week’s rally fueled largely on sentiment that equities were oversold.
Investors are looking ahead to a critical release Tuesday on US consumer prices, followed by Thursday’s report on retail sales. That data will affect expectations on the Federal Reserve’s next interest rate move next week.
“The market is moving primarily on sentiment,” said Briefing.com analyst Patrick O’Hare. “It recognizes that last week brought a welcome change in trend after three straight weekly losses, so it is following the adage that the trend is the market’s friend until it isn’t.”
Wall Street scores first weekly gain since mid-August
About 50 minutes into trading, the Dow Jones Industrial Average had gained 1.0 percent to 32,471.67.
The broad-based S&P 500 advanced 1.2 percent to 4,116.63, while the tech-rich Nasdaq Composite Index rose 1.3 percent to 12,265.77.
Among individual companies, Bristol-Myers Squibb jumped 5.6 percent after announcing positive clinical results on a treatment for plaque psoriasis.
Disney gained 1.2 percent after activist investor Dan Loeb retreated on a push to compel a spin-off of ESPN.
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