Wall Street grows thanks to tech sector, banking stocks

Wall Street grows thanks to tech sector, banking stocks

Wall Street grows thanks to tech sector, banking stocks

(Reuters) – US stocks were higher on Monday, led by the tech, tourism and banking sectors.

All 11 major sectors of the S&P 500 rallied early in trading, while the banking sector jumped 2.1% and may post its best daily performance in a month.

Fears of rising coronavirus cases and diminishing hopes for additional fiscal stimulus have led to volatility in markets in the past few weeks, and analysts expect trade to remain volatile ahead of the November 3 presidential election.

Chinese industrial profits rose in August, driven in part by a rebound in commodity prices and equipment manufacturing, the PRC Bureau of Statistics said Sunday.

Dow futures are up 1.72%, S&P 500 futures are up 1.44%, and Nasdaq 100 futures are up 1.02% by 18:00 GMT.

Tech stocks Facebook Inc (NASDAQ: FB), Alphabet (NASDAQ: GOOGL) Inc, Amazon.com Inc (NASDAQ: AMZN), Apple Inc (NASDAQ: AAPL) and Netflix Inc (NASDAQ: NFLX) gained about 1%.

Boeing (NYSE: BA) rose 5.0% after Federal Aviation Administration chief Steve Dixon said the agency intends to test the 737 MAX this week.

Uber Technologies Inc rose 3.8% after the company won a lawsuit over the reinstatement of a license to operate in London, which was revoked “for security reasons.”

(Devik Jain and Shreyashi Sanyal; Translated by Caleb Davis. Editor Marina Bobrova)

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