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Wall Street rebounds on overseas news

Video Credit: Reuters Studio - Duration: 01:05s - Published < > Embed
Wall Street rebounds on overseas news

Wall Street rebounds on overseas news

Wall Street's main indexes rebounded Wednesday after robust economic data from China, easing tensions in Hong Kong and British lawmakers' approval of a law to delay Brexit provided relief to investors worried about global growth.

Fred Katayama reports.


Wall Street rebounds on overseas news

Positive news overseas drove stocks higher on Wall Street Wednesday.

Lifting investor optimism: British lawmaker's approval of a law to delay Brexit, upbeat data on China's services sector, and Hong Kong's withdrawal of its controversial extradition bill.

The S&P 500 and Nasdaq added more than 1%.

Invesco chief global market strategist, Kristina Hooper: SOUNDBITE: INVESCO CHIEF GLOBAL MARKET STRATEGIST, KRISTINA HOOPER (ENGLISH) SAYING: "China didn't take a more aggressive stance but in fact acquiesced to a critical demand, a demand that actually started all the protests.

That's a very good sign, especially given how much a hit the Hong Kong economy has taken in the last few months because of the protests." Trade-sensitive chip makers like Intel and Nvidia shot higher, boosting other tech stocks.

Shares of Tyson Foods fell.

The meat processor cut its full year earnings forecast, citing a recent fire at a slaughterhouse and volatility in the commodity market.

Tapestry shares rallied.

Chairman Jide Zeitlin will replace long-time CEO Victor Luis.

The stock of the Coach handbag maker has fallen nearly 40% this year.

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