BUSINESS US stocks open up, sparking hopes for rebound

BUSINESS

US stocks open up, sparking hopes for rebound

AFP

22:06, September 13, 2021

Wall Street stocks looked poised for a rebound early Monday after a downcast week of trading and ahead of closely watched data releases on consumer prices and US retail sales.

Stocks fell most of last week amid worries over a weakening growth outlook and the prospects for tightening monetary policy.

Markets are also monitoring debates in Congress, including a Democratic proposal to lift corporate taxes.

"Clearly, people are starting to expect that (the third quarter) will be weaker," said Maris Ogg, president of Tower Bridge Advisors.

"But I don't think that's going to derail the bull market, necessarily," Ogg added. "It's just that you've got more choppiness between here and the end of the year."

About 25 minutes into trading, the Dow Jones Industrial Average was at 34,903.50, up 0.9 percent.

The broad-based S&P 500 added 0.5 percent at 4,481.43, while the tech-rich Nasdaq Composite Index advanced 0.1 percent to 15,124.66.

Key data releases later this week include the August reading for consumer prices on Tuesday and retail sales on Thursday.

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