The following is an excerpt from Ben Levisohn | May 16, 2016 | Barrons.com |
Higher oil prices and a Buffett purchase of Apple (AAPL) helped drive stocks higher today despite disappointing economic data out of China and the U.S.
The S&P 500 advanced 1% to 2,066.66 today, while the Dow Jones Industrial Average rose 175.39 points, or 1%, to 17,710.71. The Nasdaq Composite gained 1.2% to 4,775.46.
China’s industrial output rose 6% in April, below forecasts for 6.6% and down from 6.8% in March. The Empire State index, a measure of manufacturing strength in the New York area, fell to negative 9, well below predictions for a positive 5.8. The latter, says Mizuho’s Steven Ricchiuto, may be a sign that the U.S. economy “is not gaining any momentum and may be losing some at the margin.” As for China, Eight Bridges Capital Management’s Jeffrey Miller worries that something big–and bad–is looming:
For more visit: Barrons.com