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1st LD Writethru: U.S. stocks bounce back despite Paris attacks

Xinhua, November 17, 2015 Adjust font size:

U.S. stocks rebounded strongly on oil recovery Monday, following the terror attacks in Paris on Friday, as investors believed its impact on markets was limited.

The Dow Jones Industrial Average added 237.77 points, or 1.38 percent, to 17,483.01. The S&P 500 jumped 30.15 points, or 1.49 percent, to 2,053.19. The Nasdaq Composite Index gained 56.73 points, or 1.15 percent, to 4,984.62.

U.S. equities gained momentum as oil prices recovered from an early dip. U.S. oil snapped a three-day losing streak to settle up nearly 3 percent on Monday. In response, the energy sector surged 3.25 percent as the biggest advancer in the S&P 500's ten sectors.

On the U.S. economic front, the November 2015 Empire State Manufacturing Survey indicates that business activity declined for a fourth consecutive month for New York manufacturers. The headline general business conditions index was little changed at minus 10.7.

No other major economic data is due Monday. Investors awaited the meeting minutes from the Federal Open Market Committee (FOMC) due out later this week.

Traders will look for hints on the timing of interest rate hikes from the U.S. central bank.

In corporate news, Marriott International has agreed to acquire Starwood Hotels & Resorts Worldwide in a cash and stock deal valued at 12.2 billion U.S. dollars to create the world's largest hotel chain.

Shares of Starwood, however, tumbled 3.63 percent to 72.27 dollars apiece on Monday.

Overseas, European stocks were little changed Monday, with French benchmark index CAC 40 slightly down 0.08 percent, as investors digested the potential impact of the Paris attacks.

Asia shares ended mixed Monday. Chinese benchmark Shanghai Composite Index recouped sharp early losses to close 0.73 percent higher, while Japanese 225-issue Nikkei Stock Average dropped 1.04 percent after data showed that Japan's economy had slipped into recession.

On Friday, U.S. stocks declined for a third straight session as investors meditated on generally downbeat economic data and disappointing earnings reports. Endit