U.S. stocks surged on Thursday as better-than-expected domestic and Chinese data...
- U.S. stocks surged on Thursday as better-than-expected domestic and Chinese data as well as a firming yuan offered some relief to investors alarmed by a week of blow and counterblow between Beijing and Washington over trade.
U.S. data pointed to a robust labor market as the number of Americans filing applications for unemployment benefits unexpectedly fell last week, allaying some worries about a recession and helping U.S. Treasury yields rise.[US/] “It’s a broad-based rally and that’s a concern because you don’t want investors buying ... just to chase this market higher if they are afraid they are missing a move.”
Symantec Corp jumped 12.6% after sources said chipmaker Broadcom Inc was in advanced talks to buy the cybersecurity company’s enterprise business. Shares of Walt Disney Co also rose 1.3% after Credit Suisse upgraded its shares to “outperform” with one eye on the immiment U.S. launch of video streaming service Disney+.
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