Share

US stocks rise, joining global rally

New York - US stocks rose early on Tuesday, joining a global rally as slower growth in China fuelled speculation of more government stimulus in the world's second-biggest economy.

Thirty minutes into trade, the Dow Jones Industrial Average stood at 16 101.45, up 113.37 points (0.71%).

The broad-based S&P 500 rose 11.87 (0.63%) to 1 892.20, while the tech-rich Nasdaq Composite Index gained 26.81 (0.60%) at 4 515.22.

The stock market was closed for a public holiday on Monday.

China's gross domestic product (GDP) expanded 6.9% in 2015, official data showed on Tuesday, which was the slowest growth since 1990 but met analysts' expectations.

Analysts cited speculation of more Chinese stimulus as a driver of stock buying globally, as well as the bounce from a bruising open to 2016 that has left the S&P 500 down about 8% for the year.

Worldwide sales declined

Delta Air Lines rose 2.7% after reporting fourth-quarter earnings of $980m compared to a loss of $712m in the year-ago period. Results were boosted by a 42% drop in fuel expenses.

Morgan Stanley rose 1.9% as it reported fourth-quarter earnings per share of 39c, 6c above analyst expectations.

Bank of America rose 0.6% after reporting a 9.3% rise in fourth-quarter earnings to $3.3bn, besting expectations.

Petroleum-linked stocks were lower, with Dow member Chevron down 0.6%, EOG 1.4% and Halliburton 0.4%.

Twitter fell 2.2% on news the microblogging company suffered outages in much of Europe and in some other countries, including Brazil, the Philippines, Nigeria and Uganda.

Tiffany fell 5.8% as it said worldwide net sales declined 3% in the key November-December period due in part to the strong dollar and weak tourist activity in some markets. The jeweller also lowered its earnings forecast, projecting a decline of 10% for the year, in part due to severance expenses from cutting staff.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.90
+0.2%
Rand - Pound
23.84
+0.3%
Rand - Euro
20.39
+0.2%
Rand - Aus dollar
12.31
+0.3%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders