US: Stocks rise on solid data, car sales
[NEW YORK] US stocks rose early on Friday following solid US manufacturing data and auto sales, as market attention shifted from the British vote to leave the EU.
Data from the Institute for Supply Management's PMI report showed stronger-than-expected manufacturing activity in June. Shares of both Ford and General Motors rose after releasing June US auto sales numbers.
Over the past three days, US stocks have recovered most of the losses from the rout after Britain's June 23 referendum resulted in a shock decision to leave the EU. Analysts do not expect the US economy to be as significantly impacted as that of Britain or Europe.
About 40 minutes into trade, the Dow Jones Industrial Average was at 17,976.52 up 0.3 per cent.
The broad-based S&P 500 gained 0.3 per cent at 2,105.88, while the tech-rich Nasdaq Composite Index advanced 0.6 per cent to 4,469.08.
AFP
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
South Korea’s probe alleges 211.2 billion won of illegal short trades
Asia: Markets build on rally as US jobs data boost rate cut hopes
Zero-day options boom will only grow even as some investors fear disaster
Singapore stocks open in the black on Monday; STI up 0.3%
Stocks to watch: Singtel, Venture Corp, ARA H-Trust, YHI International, LHN
Europe: Shares end higher on tech support; banks slide