US stock markets bounce higher

  • 1 December 2015
  • From the section Business
NYSE traders Image copyright EPA

(Open): Shares on Wall Street jumped higher on Wednesday, led by banking and industrial shares.

In early trade, the Dow Jones Industrial Average was 0.92% higher, or 163.69 points at 17,883.61.

The wider S&P 500 index rose 0.76%, or 15.9 points, to 2,096.31 while the Nasdaq index gained 0.69%, or 35.24 points, to 5,143.9.

Boeing's shares were up by more than 2% while JP Morgan and Goldman Sachs were both up by more than 1%.

On the economic front, data showed construction spending was near an eight-year high in October. It rose by 1% to a seasonally adjusted of $1.1trn - the highest level since December 2007.

A separate report was less positive. The Institute for Supply Management said US factory activity fell last month with its index dropping to 48.6 from 50.1 in October. Any reading below 50 indicates contraction. It's the first time since November 2012 that the index has fallen below 50.