Wall Street surges higher after upbeat economic data

“The overnight action was positive. That, along with the bounce back yesterday, gave us a nice tailwind coming into the market today, both for high-frequency traders who were buying the trend and also for bargain hunters who had seen stocks that were on the watchlist come down to a level that looked attractive,” said Bucky Hellwig, senior vice president at BB&T Wealth Management.

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“So we’ve seen a lot of the tech names pop after they got hammered.”

Advanced Micro Devices gained 16.2 per cent after the chipmaker launched its second generation of processor chip and said that it had landed Alphabet Inc’s Google and Twitter Inc as customers.

Symantec jumped 12.3 per cent after sources said chipmaker Broadcom Inc was in advanced talks to buy the cybersecurity company’s enterprise business. After the bell, Symantec confirmed the sale.

U.S. economic 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 the potential for a recession and helping U.S. Treasury yields rise.

The Dow Jones Industrial Average rose 371.12 points, or 1.43 per cent, to 26,378.19, the S&P 500 gained 54.11 points, or 1.88 per cent, to 2,938.09 and the Nasdaq Composite added 176.33 points, or 2.24 per cent, to 8,039.16.

Better-than-expected export numbers out of China also helped offset recent U.S.-China trade war worries, while there was also some improvement in the country’s yuan currency, whose slide over the weekend led to Wall Street’s worst day so far this year on Monday.

On the down side, Kraft Heinz sank after it pulled its full-year forecast and wrote down the value of several business units by over $1 billion.

Lyft Inc advanced 3.0 per cent after the ride-hailing service raised its annual outlook

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