U.S. Stocks Start Year With a Pop as Phones, Health Care RallyBy
U.S. stocks rose Tuesday for Wall Street’s first session of the new year, helped by a string of robust economic data from China and Europe that sent all but one industry higher on the day.
The S&P 500 added 0.9 percent to 2,257.83 at 4 p.m. in New York, the biggest gain in almost a month, as the Dow Jones Industrial Average climbed 119 points to 19,881.76. The S&P 500 rose 9.5 percent last year, boosted by optimism over fiscal stimulus and stronger economic growth.
- Phone stocks up 1.9% with health care up 1.4%
- Financial shares add 1%; BofA, Wells Fargo, JPMorgan Chase rise
- Utility shares drop after adding 4% the last month
- VIX down for first time in six sessions, to 12.9
- S&P 500 dropped 1.5% first day of 2016
- 400 stocks in S&P 500 higher
- JPMorgan equity strategists including Mislav Matejka wrote in a note they are positive on equity markets globally, even after the recent sharp rally, and that the push toward more expansionary fiscal stance through greater spending, looser budget targets and tax cuts is set to remain an important investment theme this year
- Before-market Wednesday: UniFirst Corp/MA (UNF)
For related equity market news:
- Choose Value Stocks Over Bond Proxies in 2017, BlackRock Says
- Equity Markets Not Getting Ahead of Themselves, JPMorgan Says
- Dividend Yielder Inflows Dethrone Value Stocks Amid S&P 500 Drop
— With assistance by Blaise Robinson