US STOCKS-Wall St indexes rise over 1 pct as trade worries ease

By Kitco News / April 09, 2018 / www.kitco.com / Article Link


* Trump could seek coalition on China trade, adviser says
* China's president to address key conference on Tuesday
* Merck shares jump after positive cancer-drug trial
* Indexes up: Dow 1.47 pct, S&P 1.49 pct, Nasdaq 1.66 pct (Updates to late afternoon, changes byline, adds dateline NEWYORK)By April JoynerNEW YORK, April 9 (Reuters) - Wall Street's major indexesrose more than 1 percent each on Monday as technology stocksjumped and a softer stance by U.S. policymakers on China tariffspowered a rebound from last week's sell-off.Led by tech, ten of the 11 major S&P sectors were higher and29 of the 30 Dow components were in positive territory. GoldmanSachs was the biggest boost to the Dow, while gains inApple shares led the S&P 500.U.S. President Donald Trump's economic adviser Larry Kudlowtold CNBC that the president may be open to forming aninternational coalition to grapple with Chinese trade issues. "We're getting a little bit softer commentary from folkswith the (Trump) administration," said Keith Lerner, chiefmarket strategist at SunTrust Advisory Services in Atlanta."We're basically recouping what we lost on Friday."Global equity markets came under pressure last week as theUnited States and China threatened each other with tens ofbillions worth of tariffs.Investors will look for further indications of China'sstance on trade relations when Chinese President Xi Jinpingspeaks at the Boao Forum, an economic conference in Asia, onTuesday.The week also marks the start of earnings season with bigU.S. banks such as JPMorgan Chase , Citigroup andWells Fargo set to report first-quarter results onFriday."Profits are a big part of the bull story," Lerner said. "Wethink this earnings season will re-establish the uptrend in themarket."The Dow Jones Industrial Average rose 352.73 points,or 1.47 percent, to 24,285.49, the S&P 500 gained 38.91points, or 1.49 percent, to 2,643.38 and the Nasdaq Composite added 115.09 points, or 1.66 percent, to 7,030.20.The FANG group, comprising four closely-watched momentumstocks - Facebook Inc , Amazon.com Inc , NetflixInc and Google parent company Alphabet Inc -were up between 1.2 percent and 2.4 percent.Facebook chief executive Mark Zuckerberg is scheduled totestify before Congress this week regarding security issuesrelated to the misuse of user data. In remarks released by theU.S. House Energy and Commerce Committee on Monday, heapologized for not taking enough measures to protect Facebookusers' information. AveXis Inc rose 82.0 percent after Swiss drugmakerNovartis offered to buy the gene therapy company for$8.7 billion. Merck & Co Inc shares rose 6.1 percent after thedrugmaker's blockbuster cancer drug, Keytruda, met the mainstudy goal of helping previously untreated lung cancer patientslive longer. Shares of Leucadia National Corp jumped 12.7 percentafter the company said it would sell most of its non-financialassets to focus on investment banking and advisory services. Advancing issues outnumbered declining ones on the NYSE by a2.10-to-1 ratio; on Nasdaq, a 2.12-to-1 ratio favored advancers. (Additional reporting by Sweta Singh and Diptendu Lahiri inBengaluruEditing by Arun Koyyur and Nick Zieminski)

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