Wall Street opens in green after China rate cut

Wall Street opens in green after China rate cut

23 October 2015, 16:54
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On Friday U.S. stocks opened in the green territory after an interest rate cut in China added to a rally driven by possible stimulus in the euro area, as well as strong quarterly results from Alphabet, Microsoft and Amazon.

The People's Bank of China trimmed interest rates for the sixth time since November on Friday in another attempt to boost a slowing economy.

Global markets rose again, a day after the European Central Bank signaled that it was ready to extend its stimulus plan.

Dow was last up 0.85%, S&P 500 climbed 0.83%, Nasdaq was up 0.83%.

S&P 500 earnings for the period are now expected to decline a more modest 3.3 percent than the 4.9 percent forecast at the start of the reporting season, says Reuters.

The Dow and S&P 500 closed at their highest levels in two months on Thursday, driven by strong quarterly results including that of McDonald's.

Advancing issues outnumbered decliners on the NYSE by 1,711 to 975. On the Nasdaq, 1,633 issues rose and 664 fell.

The S&P 500 index showed 43 new 52-week highs and six new lows, while the Nasdaq recorded 69 new highs and 20 new lows.

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