US stocks rise again, extending rally
Wall Street stocks advanced on Monday, extending a rally on hopes for possible Federal Reserve interest rate cuts soon after weaker US jobs data. US stocks were in positive territory the whole session as analysts pointed to Friday's jobs report showing weaker than expected employment growth. A note from Charles Schwab characterised the report as "perfect" in terms of being in "not too hot and not too cold territory," while adding that "it's just one set of numbers and there's a risk that the market may overreact." The Dow Jones finished at 38,852 up 0.5 percent. The S&P 500 rose 1.0 percent to 5,180, while the Nasdaq climbed 1.2 percent to 16,349. Major indices have risen the last three days. Among individual companies, Paramount Global gained 3.1 percent following a New York Times report that it entered into talks with a bidding group led by Sony Pictures and Apollo after negotiations between Paramount and Skydance didn't produce a deal. Tyson Foods slid 5.7 percent as it reported slightly lower revenues and projected flat sales in the upcoming quarter. Executives said inflation was pinching low-income consumers. Spirit Airlines sank 10 percent after reporting a US$142.6 million quarterly loss. The carrier pointed to a "challenging" competitive environment due to "elevated capacity" in key markets. (AFP)