Dow ends up 390, Nasdaq back in black for 2015

September 10 06:14 2015

The sharp swings on Wall Street continued Tuesday, with stocks surging as traders returned from the 3-day holiday weekend and sent the Dow up 390 points. Bolting back into the black for 2015 was the Nasdaq composite, which gained 2.7% — 128 points — to 4811.93. The gains came after last week’s volatile downturn that saw all the major indexes drop more than 3%, capped off by the Dow’s 272-point drop on Friday after a mixed jobs data report did little to clarify what the Federal Reserve will do on interest rates at its September meeting.USA - Business - Dow Jones Sign

By the closing bell, the Dow Jones industrial average had surged 2.4% on the day, to 16,492.68, as all 30 stocks posted gains with General Electric (GE) and Walmart (WMT) leading the pack. U.S. stocks rallied despite off more disappointing economic data from China, because the news sparked hopes that the country’s central bank would take more action to stimulate the economy. Customs data showed that exports last month shrank 5.5% in dollar terms compared with a year earlier while imports tumbled 13.8%, the Associated Press reported.

China’s Shanghai composite index jumped 2.9% after trading in the red for most of the session. Other Asian markets were mixed as Hong Kong’s Hang Seng index jumped 3.3%. The Nikkei 225 stock index sank 2.3% as Japan’s economy contracted 1.2% in April-June. The data showed that consumer spending was slightly better than estimated, but corporate investment was significantly weaker, the AP reported.

“Japanese GDP data was slightly better than expected, but has not managed to ease concerns about the state of the economy,” said Angus Nicholson, market analyst at IG. “Concerns about China and the rising yen appear to have dominated trading today and pushed the Nikkei down.” Benchmark U.S. crude oil was down 1.1% to $45.54 a barrel in electronic trading on the New York Mercantile Exchange. It fell 70 cents on Monday. Brent crude, used to price international oils, gained$1.76 to $47.85 in London.