Wall Street rallies on stimulus cheer, trade optimism
- U.S. stocks surged on Monday, building on previous session’s rally, fueled by growing hopes that major economies would act to prop up slowing growth, while technology stocks got a lift from trade optimism.
China’s central bank unveiled a key interest rate reform on Saturday to help steer borrowing costs lower for companies, close on the heels of report of a potential German economic easing. The benchmark S&P 500 was looking at its best two-day jump since early June. The focus this week will be on Wednesday’s release of minutes from the Fed’s July policy meeting, when the central bank cut rates for the first time in more than a decade, and Chair Jerome Powell’s speech in Jackson Hole on Friday.
Shares of Apple Inc provided the biggest boost to the three main Wall Street indexes. President Donald Trump said on Sunday that he had spoken with Apple Chief Executive Officer Tim Cook who “made a good case” that tariffs could hurt Apple.
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