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Market Update

Wall Street Rally Lifts S&P 500 2%, China Imports Drop

Author: Nichole Harper
Last Update: 3:33 PM ET September 08 2015

3:35 PM New York City, New York – Wall Street indexes rebounded in a broad rally and the dollar advanced. Crude oil declined and European markets gained more than 1%. Indexes in Japan extended last week loss of 7% and China reported weaker than expected imports data.

U.S. indexes rallied more than 2% after falling more than 3% last week. The latest market rebound was broad based and followed similar bounces in Asia and Europe.

Investors are looking at the Fed for the next rate hike as early as this month but the mixed jobs report last week and inflation below the 2% target may help delay any Fed action.

Markets are expected to be volatile for the next several weeks and indexes are expected to bounce around largely on sentiment and less on fundamentals.

Yield on the U.S. 10-year T note increased to 2.19% from 2.13% last week.

On Wall Street, Tollbooth Strategy Index increased 115.33 or 1.1% to 10,243.99.

S&P 500 index jumped 33.31 or 1.7% to 1,954.42 and the Nasdaq Composite Index gained 90.61 or 1.9% to 4,774.42.

Crude oil in New York slid 11 cents to $45.94 a barrel and gold rose $2.60 to $1,124 an ounce.

U.S. Movers

General Electric Company jumped 2.1% or 51 cents to $24.51 after the diversified industrial conglomerate today received regulatory approval to acquire the power business of France-based Alstom SA in $13.5 billion.

Shares of Alstom increased 1.3% to €28.98.

Mylan NV rose 20 cents to $48.25 after the U.K.-focused pharmaceutical company offered to acquire the Ireland-based generic drug and ingredients maker Perrigo Company Plc for about $27.14 billion in cash-and-stock.

The offer valued Perrigo at about $185.52 per share, 4% to the closing price of Friday.

Strategic Hotels and Resorts Inc (BEE) jumped 3.5% or 47 cents to $14.07 after the self-managed real estate developer agreed to be acquired by the world’s largest real estate investor Blackstone (BX),

Under the terms, the deal offered for $14.25 per share or $6 billion including debt, a premium of 4.8% on closing price of Friday.

European Markets

European indexes gained more than 1% across the board, with the DAX leading 1.61% for the day, recovering from more than 2% losses for the previous week.

German imports and exports reached record highs for July. German trade surplus reached an all-time high of 22.8 billion euros or $25.6 billion, reflecting strong demand across wider Europe.

A relatively weak euro helped boost exports, especially to the U.S., the largest trading partner.

Second quarter gross domestic product increased 0.4% from 0.3%, according to the revised data, the Statistical Office of the European Communities said. Estimate for the first quarter was revised to 0.5% from the previous estimate of 0.4%.

Compared to a year ago period, gross domestic product jumped 1.5% in the euro zone and 1.9% in the wider region of EU28.

In London trading, FTSE 100 index jumped 77.11 or 1.3% to 6,151.53 and in Frankfurt the DAX index increased 188.23 or 1.9% to 10,297.41.

In Paris, CAC 40 index gained 62.57 or 1.4% to 4,612.21.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc