US stocks extend gains on uplifting data

New York, Aug 28 (IANS) US stocks jumped on Thursday as US economic data topped investors’ expectations.

The Dow gained 369.26 points, or 2.27 percent, to 16,654.77. The S&P 500 increased 47.15 points, or 2.43 percent, to 1,987.66. The Nasdaq Composite Index moved up 115.17 points, or 2.45 percent, to 4,812.71, reported Xinhua.

The US Commerce Department on Thursday revised up its estimate for the real gross domestic product (GDP) in the second quarter to a growth of 3.7 percent, much higher than a growth of 0. 6 percent in the first quarter.

Some analysts worried the recent promising data points to a possible interest rate hike this year, but New York Federal Reserve President William Dudley on Wednesday said a September rate liftoff seemed “less compelling” than just a few weeks ago.

Equity markets were also boosted by China’s interest cut. The People’s Bank of China (PBOC), China’s central bank, announced on Tuesday a cut in the reserve requirement ratio (RRR) and lower key interest rates.

Wall Street was cheered by the move, which was described in a PBOC statement as “promoting restructuring” to “stabilize the real economy”.

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