Stocks Opened Higher, Eyed on Trade Developments

U.S. stocks opened higher on Monday, after a Treasury official said there were no immediate plans to prevent Chinese companies from listing on domestic exchanges. The Dow Jones Industrial Average lately rose 84.16 points, or 0.31%, to 26,904.41. The S&P 500 advanced 9.02 points, or 0.30%, to 2,970.81. The Nasdaq Composite gained 19.98 points, or 0.25%, to 7,959.61.

Global oil prices extended declines Monday, pulling U.S. crude closer to $55 per barrel, after reports suggest a return to full output capacity in Saudi Arabia. Brent crude contracts for November delivery were seen 85 cents lower, to trade at $61.06 per barrel. WTI contracts for the same month were marked 59 cents lower at $55.32 per barrel.

Bloomberg News, citing Treasury spokeswoman Monica Crowley, reported that the Trump administration isn’t contemplating blocking Chinese companies from “listing shares on U.S. stock exchanges at this time.” High-level talks between the U.S. and China are set to take place in Washington, D.C., in mid-October.

A new print overnight showed an unexpected increase in activity for China’s key manufacturing sector, with domestic consumption helping to offset weakness in foreign demand. The private Caixin/Markit’s manufacturing purchasing managers’ index (PMI) rose to a reading of 51.4 in September from 50.4 in August, holding above the neutral level of 50 to indicate expansion for a second consecutive month. Meanwhile, China’s government-issued manufacturing PMI rose to 49.8 in September from 49.5 in August, the National Bureau of Statistics said Monday, beating consensus economist expectations.

About the Author

has written 12946 stories on this site.

Copyright © 2012 Nine Stocks