Wall St. rebounds on upbeat overseas news, strong China data

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Wall St. rebounds on upbeat overseas news, strong China data

On Wednesday, the 4th of September 2019, all three main indexes of Wall Street strongly rebound after release of solid economic data from China, easing tensions in Hong Kong following months of political unrests over a Chinese extradition bill and UK lawmakers’ approval to seek for an extension of Brexit deadline, had pivoted a relief rally in the Wall Street.

In point of fact, Wall St. opened with a strong note after a raft of upscaled China data including better-than-anticipated Caixin PMI for service and composite elevated investors mood across the world. Meanwhile, a new coalition government in Italy under former PM Conte added to investors’ optimism, while withdrawal of an extradition bill by Hong Kong leader Carrier Lam that had set out months of violent protests over the streets of Hong Kong, relived money markets across the world.

Aside from that, referring Wednesday’s (September 4th) rally a rare bright spot at the financial markets in context of an escalated US-China trade tension dragging global economy down to a recession, a director of trading at Performance Trust Capital Partners in Chicago, Brain Battle said, “There’s relief the tensions in Hong Kong have subsided.

That follow-through, in the absence of other bad news, is letting the market drift higher. ” Quoting statistics, on Wednesday’s (September 4th) market closure, Dow Jones Industrial Average added 0.91 per cent to 26,355.47, while benchmark Standard & Poor 500 surged 1.08 per cent, meanwhile leading the charges on Wednesday’s (Sept. 4th) relief rally, Nasdaq Composite rounded off the day 1.3 per cent higher to 7,976.88.