By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks rose on Monday, with the
S&P 500 extending gains into a fifth session, as data showed
exports from China exceeding forecasts and Apple Inc. climbed a day
ahead of its unveiling of new iPhone models.
"China came out with significantly better economic data over the
weekend, and that's important to us because the China demand story
continues to be a very important piece of the global economic
picture," said Art Hogan, market strategist at Lazard Capital
Markets.
"There's excitement about the Apple product announcement
tomorrow, and Apple is one of the largest components of the S&P
500. And volumes are low and participation is still timid, so any
moves get exaggerated, very much like we saw in the volatility on
Friday," Hogan added of the end-of-week session, which had the Dow
Jones Industrial Average (DJI) crossing zero eleven times.
After an initial 107-point spike, the Dow industrials on Monday
was recently up 86.74 points, or 0.6%, to 15,009.24, with
Caterpillar Inc. (CAT) and Alcoa Inc. (AA) leading gains that
included all but four of the blue-chip index's 30 members.
Heavy-equipment-maker Caterpillar rose 2.2% and
aluminum-producer Alcoa gained 1.6% after Beijing's General
Administration of Customs reported Chinese exports rose 7.2% in
August from the year-earlier period.
The S&P 500 index (SPX) climbed 8.29 points, or 0.5%, to
1,663.46, with materials and industrials pacing sector gains and
telecommunications and health care the poorest performing of its 10
major industry groups.
The Nasdaq Composite (RIXF) rose 20.87 points, or 0.6%, to
3,680.81.
Apple (AAPL) rose 1.3% before an investor event where the iPhone
maker will unveil upgraded versions of its smartphone.
Delta Air Lines Inc. (DAL) gained 7.1% after S&P Dow Jones
Indices said the carrier would displace BMC Software Inc. (BMC) in
the S&P 500.
For every stock on the decline, more than three rose on the New
York Stock Exchange, where 121 million shares traded as of 10:30
a.m. Eastern.
Composite volume neared 645 million.
Treasury yields fell, with the benchmark 10-year note used in
figuring mortgage rates and other consumer loans off four basis
points at 2.895%. The dollar fell against the currencies of major
U.S. trading partners including the euro (EURUSD) but excluding the
yen (USDJPY) .
The cost of energy declined, with a barrel of crude (CLV3)
priced at $109.6 a barrel, down 92 cents, or 0.8%, on the New York
Mercantile Exchange. Gold futures(GCZ3) rose $2.60, or 0.2%, to
$1,389 an ounce.
Wall Street on Friday finished higher on the week as reports
indicated increased global economic growth even as investors
weighed possible U.S. military action in Syria and chances of the
Federal Reserve cutting back on its monetary stimulus later in the
month.
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