Stocks climb on Wall Street, driven by more tech gains | National


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NEW YORK (AP) — Stocks got off to a higher start on Wall Street on Monday, thanks to more gains in big tech companies. The S&P 500 rose 0.8%. The benchmark has just had its eighth losing week in the past nine. The Nasdaq rose 1.2% and the Dow Jones 0.5%. Twitter fell 4% after Tesla CEO Elon Musk threatened to cancel his deal to buy the company, saying Twitter refused to hand over data. Spirit Airlines rose 2% after JetBlue raised its offer to buy the rival carrier, and Amazon rose 3% after executing a 20-to-1 stock split.

THIS IS A BREAKING NEWS UPDATE. AP’s previous story follows below.

NEW YORK (AP) — Wall Street futures jumped Monday after the slowdown in China’s service industries eased and reports the Biden administration may lift U.S. tariffs on some Chinese imports like solar panels.

Dow Jones futures climbed 0.9% and are up 1.1% on the S&P 500.

Oil prices are hovering around $120 a barrel.

A survey showed activity in China’s retail and other service industries declined in May, but at a slower pace than the previous month. Meanwhile, the Wall Street Journal reported that Washington plans to lift tariffs on Chinese-made solar panels and Commerce Secretary Gina Raimondo said President Joe Biden is “considering” ending other tariffs. rights.

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Shares of Canadian Solar, Sunrun and SunPower rose between 8% and 13%. First Solar was up about 3%.

Wall Street traders are worried about the possibility that Federal Reserve interest rates aimed at cooling inflation that is at its highest level in four decades could tip the US economy into a recession.

On Friday, the S&P 500 lost 1.6% for its eighth weekly decline in the past nine weeks. The Dow Jones fell 1% and the Nasdaq 2.5%.

In midday trading on Monday, the FTSE 100 in London rose 1.2%, the DAX in Frankfurt gained 1% and the CAC 40 in Paris advanced 1.1%.

In Asia, the Shanghai Composite Index rose 1.3% to 3,236.37 after business news magazine Caixin said its monthly purchasing managers’ index for services rose to 41. 4 versus 36.2 in April on a 100-point scale where numbers below 50 show a contraction in activity.

“Some pockets of optimism may come from further easing of virus restrictions in Beijing,” IG’s Yeap Jun Rong said in a report.

The Hang Seng in Hong Kong gained 1.8% to 21,470.94 and the Nikkei 225 in Tokyo added 0.6% to 27,915.89. Korean markets were closed for a holiday.

Sydney’s S&P-ASX 200 fell 0.5% to 7,206.30. New Zealand markets were closed for a holiday.

India’s Sensex fell less than 0.1% to 55,716.30. Southeast Asian markets fell.

Benchmark U.S. crude rose 47 cents to $119.34 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained $2 on Friday at $118.87. Brent crude, the price basis for international oil trade, advanced 53 cents to $120.25 a barrel in London.

The dollar fell to 130.63 yen from 130.85 yen on Friday. The euro fell from $1.0720 to $1.0728.

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