Wall Street stocks rose early Monday, kicking off a news-heavy week in which earnings and economic data are likely to be overshadowed by politics following the weekend assassination attempt on President Donald Trump.
Trump, who was shot in the ear but not seriously injured, is due to take centre stage at the Republican National Convention in Wisconsin.
This week will also see the release of US retail sales data and earnings from major companies such as Netflix and Bank of America.
About 15 minutes after the start of trading, the Dow Jones Industrial Average rose 0.5%, to 40,199.43.
The broad S&P 500 index rose 0.5% to 5,642.50, while the tech-heavy Nasdaq Composite Index rose 0.6% to 18,513.80.
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Briefing.com analyst Patrick O’Hare attributed the market rally to growing hopes of a victory for Trump over President Joe Biden.
“In terms of the markets, former President Trump was seen by many as a more pro-market candidate due to his push for deregulation and lower corporate tax rates,” O’Hare said.
“But some are concerned that pushing for higher tariffs could lead to higher inflation.”
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Among individual stocks, Goldman Sachs shares rose 2.3 percent after the bank said its quarterly profit more than doubled to $2.9 billion on broad strength in its financial services business.
Trump Media Technology Group Inc.’s shares have soared more than 30% in the wake of recent political developments. The company’s stock price has been volatile and tends to rise and fall along with Mr. Trump’s fortunes.
Macy’s shares fell 15.1 percent after the company said it had terminated talks with Arkhouse Management and Brigade Capital Management on a takeover bid worth about $6.9 billion.
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Macy’s said it rejected the deal, concluding that the proposal “lacked financing certainty and did not deliver compelling value.”
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