US stocks open higher on Chinese positive policy outlook
New York, Sep 9 (IANS) US stocks opened higher on Wednesday as traders were boosted by the Chinese government’s fresh fiscal stimulus measures.
Shortly after the opening bell, the Dow Jones Industrial Average gained 153.93 points, or 0.93 percent, to 16,646.61. The S&P 500 rose 17.01 points, or 0.86 percent, to 1,986.42. The Nasdaq Composite Index was up 47.04 points, or 0.98 percent, to 4,858.98.
China’s ministry of finance rolled out policies to shore up growth, such as coordinating funds to accelerate infrastructure projects, activating idle money and widening tax breaks.
Chinese shares remained in positive territory for the second consecutive day on Wednesday, Xinhua reported.
Investors will also focus on tech giant Apple, which is expected to unveil new products later on Wednesday.
Wall Street remains focused on the Federal Reserve ahead of its key policy meeting next week, when the central bank could raise interest rates for the first time in more than nine years.
US nonfarm payrolls data came out mixed on Friday, and many analysts said such report gave policymakers enough support for the rate hike move.
The labour department reported on Friday that total nonfarm payroll employment added 173,000 in August, well below market consensus of 223,000.
The unemployment rate, however, inched down to 5.1 percent, beating market estimates of 5.2 percent and logging the lowest level in seven years.
US stocks soared on Tuesday after a long weekend, as investors bought the dip after last week’s rout.