U.S. stocks rallied in early trading Monday, rising with European and several Asian markets after China reported surprisingly strong signs of life.
Monday’s rally was broad, with roughly 80 % of the stocks in the S&P 500 rising. Energy stocks were at the head of the pack after the price of oil added to its gain last week. Financial stocks were also strong on expectations that a healthier economy and higher interest rates will boost their profits.
CHINA STRENGTH: China’s industrial production rose 6.2% from a year earlier, up from the previous month’s 4.7%. Retail sales growth rose to a five-month high of 8% from October’s 7.2%. Stocks that pay big dividends, meanwhile, were lagging the market because higher interest payments for bonds and other investments can lure away some income-seeking investors. Real-estate investment trusts slipped 0. 5 %, the only sector among the 11 that make up the S&P 500 to fall. Utility stocks, which are also big dividend payers, were close to flat.
Technology stocks were also strong. Micron Technology jumped 5.1% and Broadcom rose 2.8 %. Tech stocks have swung often in recent months with every hint of progress on the U.S.-China trade war because of how much business the companies do in China.
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