Wall Street bounces back with strong services data and hopes China will recover


 US stocks jumped today, Monday, supported by positive data for the services sector in the United States and expectations of a recovery in the economy in China, which boosted the atmosphere of optimism and helped investors look behind a jump in new cases of coronavirus emerging in the United States.</p><div data-qa-component="item-story" data-rc-highlight="story" dir="rtl">

    A report from the Institute of Supply Management showed that its index of service sector activity jumped to a reading of 57.1 last month, the highest level since February in February, from 45.4 in May.

    "These figures are important and help explain the increase in consumer confidence," said Quincy Crosby, chief market analyst at Prudential Financial in Newark, New Jersey.

    Investors are also betting on improving the Chinese economy and its impact on global growth.  Earlier, Chinese shares closed gains of more than 5 percent.

    A recent optimistic US data series, including a record monthly increase in jobs, helped propel the Nasdaq to an all-time high and the S&P 500 climbed nearly 44 percent from its lows in March.

    The Dow Jones industrial average ended the trading session on the Wall Street, up 459.47 points, or 1.78 percent, to 26287.03 points, while the Standard & Poor's 500 Index rose 49.71 points, or 1.59 percent, to close at 3179.72 points.

    The Nasdaq Composite Index closed 226.02 points, or 2.21 percent, to 10433.65 points.

    Shares of Amazon.com, the online retail giant, crossed the $ 3,000 mark for the first time, giving the biggest boost to the S&P 500 and Nasdaq indices.

    Tesla shares jumped more than 13 percent, extending its gains for the fifth straight session, after JP Morgan raised its target price for the electric car maker, following better-than-expected quarterly deliveries.


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