Wall Street rallies on upbeat data

Credit: Reuters Studio
Published on April 1, 2019 - Duration: 01:05s

Wall Street rallies on upbeat data

U.S. stocks began the second quarter on a bang, as upbeat manufacturing numbers from the United States and China eased worries about slowing global growth.

Fred Katayama reports.

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Wall Street rallies on upbeat data

Wall Street started the second quarter on a bullish note Monday.

Stocks surged out of the gate.

The Dow, S&P 500, Nasdaq all gained more than 1 percent.

Spurring the stock gains: strong manufacturing data in the U.S. and China.

Nuveen chief investment strategist, Brian Nick: SOUNDBITE: NUVEEN CHIEF INVESTMENT STRATEGIST, BRIAN NICK, (ENGLISH) SAYING: "We learned that the U.S. manufacturing index also suprised expectations in March.

So we have the two largest economies in the world that had been seen as a little bit touch-and-go in the first quarter showing signs at the end of the quarter stronger than they began it." China fired up global investors with manufacturing data that signaled growth in March for the first time in four months.

U.S. manufacturing numbers for March also wowed Wall Street, allowing investors to brush aside the gloomy retail sales results for February.

Shares of automakers GM and Ford accelerated after China said it'll continue to suspend additional tariffs on American vehicles beyond April 1.

Lyft shares skidded, falling below their IPO price on their second day as a public company.

Guggenheim Securities launched coverage of the ride-hailing startup with a "neutral" rating.

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