Stocks Opened Sharply Higher after China, Germany Trade Data

U.S. stocks opened sharply higher on Tuesday, after trade data from China and Germany highlighted the divergent outlooks of the two heavyweight economies. The Dow Jones Industrial Average lately gained 309.26 points, or 1.92%, to 16,411.64. The S&P 500 rose 37.10 points, or 1.93%, to 1,958.32. The Nasdaq Composite was up 100.16 points, or 2.14%, to 4,784.08.

China said its imports fell far more than expected last month, adding to concerns about the world’s second-biggest economy’s contribution to global growth. Some analysts calculated the data, which showed exports on the other hand fell less than expected, could lead to further policy easing in the coming months.

By contrast, Germany saw imports and exports hit record highs in value terms in July, underlining strong foreign demand for goods from Europe’s largest economy.

Walt Disney Co’s studio unit said customers of Amazon.com Inc and Microsoft Corp’s video services will get access to the collection on its cloud-based movie storage service from Tuesday.

Chinese e-commerce retailer JD.com Inc. on Tuesday unveiled a $1 billion share buyback program, to be completed over the next two years. The buyback program is worth about 3% of the company’s market value.

Television-station owner Media General Inc. on Tuesday said it agreed to buy magazine publisher Meredith Corp. for about $2.4 billion in cash and stock.

Concordia Healthcare Corp. (CXRX) said Tuesday it has agreed to buy Amdipharm Mercury Ltd. (Amco) for about $3.5 billion in cash and stock.


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