US STOCKS-Wall Street on the rise for third day after upbeat data

  • Reuters
  • Stock Market News
US STOCKS-Wall Street on the rise for third day after upbeat data
Credit: © Reuters.

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* Dow up 0.6%, S&P 1%, Nasdaq 1.4%

* Kraft Heinz (NASDAQ: KHC ) slumps after pulling FY forecast

* Symantec gains on Broadcom talks report

* AMD lands Alphabet, Twitter as customers

* Lyft , Uber jump on pricing hints (Changes comment, adds details; Updates prices)

By Medha Singh and Arjun Panchadar

Aug 8 (Reuters) - U.S. stocks surged on Thursday as better-than-expected domestic and Chinese data as well as a firming yuan offered some relief to investors alarmed by a week of blow and counterblow between Beijing and Washington over trade.

In corporate newsflow, Kraft Heinz sank 15% after it pulled its full-year forecast and wrote down the value of several business units by over $1 billion, capping a rough few months for the company and making it the S&P's biggest decliner.

U.S. data pointed to a robust labor market as the number of Americans filing applications for unemployment benefits unexpectedly fell last week, allaying some worries about a recession and helping U.S. Treasury yields rise. US/

That followed better than expected export numbers out of China and some improvement for the country's yuan currency, whose slide over the weekend spurred Wall Street's worst day so far this year on Monday. CNY/ is a little bit calmer in terms of U.S.-China rhetoric and the focus is on better-than-feared global economic data," said Yousef Abbasi, global market strategist at INTL FCStone in New York.

"It's a broad-based rally and that's a concern because you don't want investors buying ... just to chase this market higher if they are afraid they are missing a move."

The turbulence of the past week follows some hefty falls in May and casts further doubt on the durability of a decade-long rally in shares as President Donald Trump's trade war raised the spectre of a slide back into recession.

All the main S&P sector were higher on Thursday with technology shares .SPLRCT providing the biggest boost and putting the S&P 500 on course for its third day of gains, leaving it around 4% off a record closing high hit last month.

Symantec Corp SYMC.O jumped 12.6% after sources said chipmaker Broadcom Inc AVGO.O was in advanced talks to buy the cybersecurity company's enterprise business. Micro Devices Inc AMD.O gained 13.7% after the chipmaker launched its second generation of its processor chip and said that it had landed Alphabet Inc's GOOGL.O Google and Twitter Inc TWTR.N as customers. Inc LYFT.O also advanced 3.6% after the ride hailing service raised its outlook for the year and hinted at the end of its cut-throat price war with Uber Technologies Inc UBER.N . Uber, due to report after the bell and a high-profile loser since its market launch this year, rose 6.5%. of Walt Disney (NYSE: DIS ) Co DIS.N also rose 1.3% after Credit Suisse (SIX: CSGN ) upgraded its shares to "outperform" with one eye on the immiment U.S. launch of video streaming service Disney+.

At 11:13 a.m. ET, the Dow Jones Industrial Average .DJI was up 161.46 points, or 0.62%, at 26,168.53, the S&P 500 .SPX was up 30.13 points, or 1.04%, at 2,914.11. The Nasdaq Composite .IXIC was up 112.50 points, or 1.43%, at 7,975.33.

Advancing issues outnumbered decliners by a 3.75-to-1 ratio on the NYSE and by a 3.30-to-1 ratio on the Nasdaq.

The S&P index recorded 22 new 52-week highs and two new lows, while the Nasdaq recorded 53 new highs and 60 new lows.

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