NEW YORK, Sept 4 — Wall Street stocks rose early today, joining a global rally after the leader of Hong Kong spiked an extradition bill that had sparked massive protests.
Bowing to the protests, Hong Kong Chief Executive Carrie Lam formally withdrew a bill that aimed to allow extradition of criminal suspects to mainland China.
The proposal had sparked demonstrations that investors feared could prompt a major crackdown from Beijing.
About 20 minutes into trading, the Dow Jones Industrial Average was up 0.7 per cent at 26,290.58.
The broad-based S&P 500 gained 0.7 per cent to 2,927.85, while the tech-rich Nasdaq Composite Index jumped 1.0 per cent to 7,949.90.
The bounce was a reversal from yesterday’s session, when major US indices lost about one per cent after new tariffs in the US-China trade war took effect.
Commerce Department data today showed the July US trade gap narrowed by 2.7 per cent to US$54 billion, the largest drop in five months, as the United States exported more autos, medications, aircraft and oil drilling equipment.
Key economic releases later in the week include the August jobs report and an update on the health of the US services sector. — AFP
