Global markets are rising Monday as big technology stocks recover some of their recent losses and retailers and travel companies climb on the first full trading day of the holiday shopping season. Banks are rising with interest rates.
Indexes in Europe and Asia are also higher. London’s main stock index is rising after the British government and the European Union agreed to terms governing Britain’s departure from the EU in March, but it’s not clear if Parliament will approve the deal.
KEEPING SCORE: The S&P 500 index climbed 28 points, or 1.1 percent, to 2,660 as of 1:45 p.m. Eastern time. On Friday the S&P 500 closed 10.2 percent beneath the record high it had set in late September. That’s the second time this year the index has dropped 10 percent from a recent peak, a mark known on Wall Street as a “correction.”
The Dow Jones Industrial Average gained 237 points, or 1 percent, to 24,523.
The Nasdaq composite rose 95 points, or 1.4 percent, to 7,033. The Russell 2000 index of smaller-company stocks added 10 points, or 0.7 percent, to 1,499. The Nasdaq and Russell have both entered corrections since setting record highs in late August.
TRADE TALKS: U.S. President Donald Trump and Chinese President Xi Jinping are scheduled to discuss their trade dispute in Buenos Aires at the end of this week. Stocks have skidded recently as investors have grown pessimistic that the two countries will resolve their differences over technology policy and other issues, and they’re fearful that the tariffs imposed by the U.S. and China on each other’s goods will slow down global economic growth. Experts say stocks could rally if the countries agree to a delay in any new tariffs.
Rising interest rates are also contributing to those fears. The Federal Reserve is expected to raise interest rates in mid-December, and investors will look for clues about the Fed’s plans for further increases in 2019.
TECH AND RETAIL RALLY: Among retailers, Amazon rallied 3.5 percent to $1,555 and Nike rose 1.7 percent to $72.66. Companies in travel and leisure also surged. Booking…