FXStreet (Mumbai) – The US equity indices moved higher in early trading as investors cheered the rise in the Asian and European markets following a not so impressive China economic data.
At the time of writing, the Dow Jones Industrial Average (DJIA) was up 144 points or 0.88%. The S&P 500 was up 15.57 points or 0.80%. The Nasdaq was also up 0.9%.
The stock markets in Asia responded positively to the China data, which showed the rebalancing process is proceeding at a painfully slow pace. China recorded the weakest annual pace of growth in a quarter century at 6.9%. Still, the volatile Shanghai Composite Index advanced 3.2%.
Moreover, the investors remained focused on oil prices. Brent was up 5% at one point of time before it trimmed gains. The uptick in oil pulled up the oversold mining and energy shares across Asia and Europe.
However, energy shares in the US are trading in the red. The DJIA Oil and Gas index is down about 0.30%. All other sectors are trading in the positive territory.
(Market News Provided by FXstreet)