BUSINESS US stocks climb as energy sector rallies

BUSINESS

US stocks climb as energy sector rallies

Xinhua

07:43, November 02, 2021

NEW YORK, Nov. 1 (Xinhua) -- U.S. stocks finished higher on Monday, bolstered by overall strength in the energy sector.

The Dow Jones Industrial Average increased 94.28 points, or 0.26 percent, to 35,913.84. The S&P 500 was up 8.29 points, or 0.18 percent, to 4,613.67. The Nasdaq Composite Index rose 97.53 points, or 0.63 percent, to 15,595.92.

Eight of the 11 primary S&P 500 sectors ended in green, with energy up 1.59 percent, leading the gainers. Communication services slipped 0.66 percent, the worst-performing group.

U.S.-listed Chinese companies traded higher with all the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.

The above moves came as the earnings season continues to deliver this week.

About half of the S&P 500 companies have reported quarterly results and more than 80 percent of them beat earnings estimates from Wall Street analysts, according to CNBC, citing figures from Refinitiv.

Meanwhile, investors will focus on the U.S. Federal Reserve's two-day policy meeting Tuesday and Wednesday.

The Fed is widely expected to announce when it will begin the process of tapering, and market participants will also be looking to see whether Fed Chair Jerome Powell gives any signals about a rate hike.

For the week ending Friday, the Dow gained 0.4 percent, the S&P 500 rose 1.3 percent and the tech-heavy Nasdaq Composite advanced 2.7 percent. For October, the Dow climbed 5.8 percent, while the S&P 500 and the Nasdaq jumped 6.9 percent and 7.3 percent, respectively.

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