Wall Street rallies on upbeat China, US manufacturing data
US stocks rallied, starting off the second quarter on a strong note, as upbeat manufacturing numbers from China and the United States eased worries about slowing global growth. The benchmark S&P 500 index, which is only 2.2 percent below its record closing high in September, triggered a “golden cross” pattern, in which its 50-day moving average crosses above its 200-day moving average. Many believe the technical signal could portend more gains for stocks in the short term.
Gains in global equities were spurred by data showing that China’s manufacturing sector unexpectedly returned to growth in March for the first time in four months. U.S. manufacturing numbers for March were also better than expected, helping investors overlook soft retail sales data for February. The Dow Jones Industrial Average rose 329.74 points, or 1.27 percent, to 26,258.42, the S&P 500 gained 32.79 points, or 1.16 percent, to 2,867.19, and the Nasdaq Composite added 99.59 points, or 1.29 percent, to 7,828.91.