Wall Street rallied to close sharply higher on Monday as investors sought bargains among sectors hardest-hit by the coronavirus recession, now limping toward its ninth month. All three major U.S. stock indexes made solid gains on the heels of the longest weekly losing streak in over a year for both the S&P 500 and the Dow.
* Banks, energy and industrials sectors lead S&P 500 gains. * Devon Energy (DVN), WPX Energy (WPX) jump after agreeing to merger deal. * Uber (UBER) rises after courts give co London go-ahead. * Indexes up: Dow 1.82%, S&P 500 1.70%, Nasdaq 1.53% By Stephen Culp.
U.S. automakers are facing a problem most forecasters and industry executives did not expect when the pandemic slammed the economy this spring: Strong demand and lean inventories at dealerships. Automakers report September U.S. sales on Thursday, and forecasters expect the annualized sales pace will exceed the August rate of 15.2 million vehicles.
United Airlines' pilots have voted to accept a deal that would avert the immediate furlough of thousands of pilots, the company said on Monday, even without an extension of federal payroll aid the industry is awaiting.
* Premium for cash over 3-month copper contract now a discount. * Eyes on surveys of China's manufacturing sector. By Pratima Desai. Copper prices firmed on Monday as expectations of robust demand from top consumer China supported sentiment, but doubts about longer term prospects and a jump in London Metal Exchange stocks capped gains.
Profits at China's industrial firms grew 19.1% year-on-year in August to 612.81 billion yuan, the statistics bureau said on Sunday, as the vast manufacturing sector extended its recovery from heavy coronavirus shutdowns earlier this year. That compares with a 19.6% increase in July and is the fourth straight month of profit growth.
Canada will spend C$320 million to support its offshore oil industry in Newfoundland and Labrador, which has struggled as coronavirus pandemic travel restrictions reduced demand, the government said on Friday.
Canada will spend C$320 million to support its offshore oil industry, which has struggled as pandemic travel restrictions reduced demand, Natural Resources Minister Seamus O'Regan said on Friday. Details of how the funds may be used were not immediately available.
* Core capital goods orders increase 1.8% in August. * Core capital goods shipments rise 1.5% * Durable goods orders gain 0.4%; shipments fall 0.3% By Lucia Mutikani.
Japanese real estate funds and developers focusing on the retail sector are leading a stock market rally as investors bet the cheaply valued sector will outperform as consumer spending recovers from the coronavirus pandemic. The gradual opening up of the Japanese economy from lockdowns has seen the stock market rise nearly 9% since August.
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