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Aug. 19, 2019, 4:22 p.m. EDT

S&P 500 closes 1% higher for second straight session on global stimulus talk, trade optimism

Apple leads Dow gainers after Trump says Tim Cook made good point about tariff harm

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By Chris Matthews and Barbara Kollmeyer, MarketWatch

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Elsewhere, investors in Asia cheered a move by the People’s Bank of China to reform interest rates, with the goal of lowering real interest rates for companies, as that country also faces a slowing economy. And European stocks got a lift after German Finance Minister Olaf Scholz over the weekend suggested the government could come up with $55 billion in stimulus if needed.

Investors are hoping that Federal Reserve Chairman Jerome Powell will use his speech Friday at the central bank’s economic policy symposium in Jackson Hole, Wyoming, to signal that a fed-funds rate cut will be delivered at the central bank’s next meeting Sept. 17-18.

See: Investors might be disappointed in Fed’s message from Jackson Hole

Meanwhile, markets were watching remarks from Eric Rosengren, president of the Federal Reserve Bank of Boston, a voting member of the central bank’s interest-rate-setting committee, and one who voted against the Fed’s July cut. “Economic conditions are still pretty good,” he told Bloomberg Television. “We have to be careful not to ease too much when we don’t have significant problems.”

Which stocks were in focus?

Shares of Apple rose 1.9%, making it one of the best performing Dow stocks in Monday activity.

Estée Lauder Cos . /zigman2/quotes/200740220/composite EL +0.38%  stock rose 12.5% Monday, after releasing fiscal fourth-quarter earnings.

U.S.-traded shares of Weibo Corp . /zigman2/quotes/206830028/composite WB -3.16%  rallied 14.1%, after the Beijing-based social-media company reported a second-quarter profit and revenue that beat expectations.

Shares of Aramark /zigman2/quotes/204468030/composite ARMK +6.60%  rose 8.3% Monday, after hedge fund Mantle Ridge L.P. disclosed that it had taken a large equity stake in the food- and uniform-services company.

Baidu Inc . /zigman2/quotes/209050136/composite BIDU -0.46%  could be in focus Monday, as the Chinese Internet-search company is due to announce earnings after the close. U.S.-traded shares were up 7.8%.

How did other markets trade?

The yield on the 10-year U.S. Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y 0.00%  rose 5.7 basis points to 1.596%.

Stocks closed higher in Asia, with the China CSI 300 index closing up 2.1% and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.60%  adding 2.2%. Japan’s Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK -0.39%   rose 0.7%.

In Europe, stocks rose, with the pan-European Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.29%  up 1.1%.

In commodities markets, the price of crude oil  was up 2.1% to $56 per barrel, and gold  fell 0.9%, to about $1511.70 per ounce.

The ICE U.S. dollar index /zigman2/quotes/210598269/delayed DXY +0.65% , meanwhile, rose 0.1%

/zigman2/quotes/200740220/composite
US : U.S.: NYSE
$ 199.99
+0.75 +0.38%
Volume: 1.31M
Aug. 7, 2020 4:00p
P/E Ratio
56.46
Dividend Yield
0.00%
Market Cap
$72.00 billion
Rev. per Employee
$308,565
loading...
/zigman2/quotes/206830028/composite
US : U.S.: Nasdaq
$ 34.37
-1.12 -3.16%
Volume: 1.17M
Aug. 7, 2020 4:00p
P/E Ratio
19.89
Dividend Yield
N/A
Market Cap
$7.78 billion
Rev. per Employee
$510,853
loading...
/zigman2/quotes/204468030/composite
US : U.S.: NYSE
$ 23.58
+1.46 +6.60%
Volume: 2.73M
Aug. 7, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
1.87%
Market Cap
$5.97 billion
Rev. per Employee
$58,637
loading...
/zigman2/quotes/209050136/composite
US : U.S.: Nasdaq
$ 125.00
-0.58 -0.46%
Volume: 3.16M
Aug. 7, 2020 4:00p
P/E Ratio
124.32
Dividend Yield
N/A
Market Cap
$43.08 billion
Rev. per Employee
$365,691
loading...
/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
0.57
0.00 0.00%
Volume: 0.00
Aug. 7, 2020 4:59p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
24,531.62
-398.96 -1.60%
Volume: 1.61M
Aug. 7, 2020 4:08p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
22,329.94
-88.21 -0.39%
Volume: 0.00
Aug. 7, 2020 3:15p
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
363.55
+1.06 +0.29%
Volume: 0.00
Aug. 7, 2020 11:03p
loading...
/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
93.39
+0.60 +0.65%
Volume: 0.00
Aug. 7, 2020 6:00p
loading...

Barbara Kollmeyer is an editor for MarketWatch in Madrid. Follow her on Twitter @bkollmeyer.

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