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Global Stocks: declines in Chinese stocks slowed down
U.S. stock indices rose on Tuesday. Declines in Chinese stocks slowed down after the China Securities Regulatory Commission said on Monday that the local government will raise purchases of stocks in order to support the equity market after the biggest drop in eight years.
Preliminary data by Markit Economics showed that the U.S. Services PMI rose to 55.2 in July due to improvements in employment and new business. Economists expected the index to rise to 55 from 54.8 reported previously.
The Dow Jones Industrial Average rose 189.68 points, or 1.1%, to 17630.27. The S&P 500 gained 25.61 points, or 1.2%, to 2093.25. The Nasdaq Composite climbed 49.43 points, or 1%, to 5089.21.
In Asia this morning Hong Kong Hang Seng gained 0.01%, or 2.49 points, to 24,506.43. China Shanghai Composite Index fell 0.45%, or 16.57 points, to 3,646.43. The Nikkei declined 0.23%, or 47.45 points, to 20,281.44.
The China Securities Regulatory Commission said late Tuesday it was investigating share dumping incidents that occurred on Monday.
Investors are also cautious ahead of the end of this month's two-day Fed meeting waiting for clues on the timing of a U.S. rate increase.
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