Wall Street kicks off October with gains, boosted by economic optimism
A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. REUTERS/Carlo Allegri
- Merck rises on positive COVID-19 pill data
- Strong consumer, factory data boost economic hopes
- Indexes up: Dow 1.37%, S&P 1.07%, Nasdaq 0.56%
Oct 1 (Reuters) – Wall Street advanced in a broad rally on Friday, after sorting out conflicting news about the economy, the battle against COVID, and legislative wrangling in Washington at the start of the fourth quarter.
All three major U.S. stock indexes began trending higher by late afternoon, buoyed by economically sensitive cyclicals.
“It’s the first day of trading in a new quarter so it’s common to see stocks move in and out of the plus and minus columns,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. “September played its traditional role by cooling down the market and probably presenting a buying opportunity.”
Merck & Co Inc (MRK.N)…
