NEW YORK - US stocks rallied on Monday , boosted by heavyweight technology shares and on surprise strength in US manufacturing activity, following a sharp selloff last week on concerns about the economic impact from the fast-spreading coronavirus out of China.
The Dow Jones Industrial Average rose 143.78 points, or 0.51%, to 28,399.81, the S&P 500 gained 23.4 points, or 0.73%, to 3,248.92, and the Nasdaq Composite added 122.47 points, or 1.34%, to 9,273.40.Shares of Google parent Alphabet Inc gained 3.5% ahead of the company's quarterly results. But the shares fell in after-market trading, wiping out the day's gains, following release of the results. The energy sector slumped 1.3% as crude prices dropped.
In company news, Tesla Inc shares soared 19.9% as Panasonic Corp reported the first quarterly profit in its US battery business with the electric vehicle maker.
Source: News Formal (newsformal.com)
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