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Overnight Markets: US stocks rise as Crimea worries ease

by Himanshu Singh on Mar 18, 2014 at 02:48

Overnight Markets: US stocks rise as Crimea worries ease

Wall Street rose on Monday, with the S&P 500 rebounding from its worst week since January, as concerns eased over the situation in Crimea and data showing a gain in industrial production boosted optimism over the economy.

The Dow Jones industrial average gained 182 points or 1.13%, to 16,247, the S&P 500 rose 18 points or 0.96%, to 1,859 and the Nasdaq Composite added 35 points or 0.81%, to 4,280.

Kiev and the West condemned as illegal the 97% vote in Crimea in favour of quitting Ukraine, but the referendum passed without violence.

Russian President Vladimir Putin signed a decree recognising the region as a sovereign state. In response, the US and European Union imposed personal sanctions on Russian and Crimean officials involved in the seizure of Crimea.

In the latest economic data, manufacturing output recorded its largest increase in six months in February, and factory activity in New York State expanded early this month.

Economically-sensitive sectors - technology and industrials - led the way higher on Monday. Google Inc gained 1.6%, while General Electric Co (GE.N) rose 1.3%.

In other company news, Chinese e-commerce giant Alibaba Group Holding Ltd (IPO-ALIB.N) said on Sunday it would begin the process toward a U.S. initial public offering, ending months of speculation. Shares of Yahoo Inc (YHOO.O), which has a 24% stake in the company, jumped 4%.

JA Solar Holdings Co (JASO.O) shares advanced 2.1% after the company posted its first profit in 10 quarters and forecast higher shipments for the year.

In deal news, Giant Investment Ltd will acquire Chinese online gaming company Giant Interactive Group Inc (GA.N) for $3 billion and take it private, the companies said on Sunday. Shares of Giant rose 1.7%.

In Asia, shares gained on Tuesday as data showing an improvement in US factory output boosted optimism in the world’s biggest economy.

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