US stocks open higher to undo last week’s rout


US stocks rose sharply today to help recover from the steep losses recorded in the extremely volatile trading environment of the past week.

The S&P 500 blue chip jumped 0.95% to 4,483.95 points, while the Dow Jones climbed 0.72% to 35,372.11 points.

The tech-rich Nasdaq was on track to hit another record, jumping 1.59% to 14,948.36 points by mid-morning.

The gains were driven by rising commodity prices that boosted industrial stocks, helping to push major U.S. benchmarks away from the depths of last week’s rout.

Yields on 10-year Treasuries hovered around 1.25%.

Soaring commodity prices: the FTSE 100 driven by energy and mining stocks

After its worst week since February, the FTSE 100 was lifted by soaring commodity prices, boosting energy and mining stocks.

The first index of the capital closed up 0.3% at 7,109.92 points.

The gains on the blue chip index came as investors digested the latest PMI data which showed the UK economy’s post-lockdown boom stalled this month as companies continued to struggle against staff shortages due to the so-called “pingemia”.

Energy and mining heavyweights BP, Royal Dutch Shell, Glencore, Anglo American and Antofagasta pushed up the blue chips today, all benefiting from a global surge in commodity prices.

Craig Erlam, senior market analyst at OANDA Europe, said: “We are starting the week in a corrective fashion with late last week’s moves partially reversed as calm returns to the market.”

“There is an increasing amount of uncertainty in the markets as we head into September. The rise in the delta that we are seeing in so many countries now is a significant growth risk for the last quarter. “

The mid-cap FTSE 250 briefly touched a record today, but ended the day 0.04% lower at 23,740.49 points, while AIM shares rose 0.38% to 1,265 , 97 points.

The capital's hotel bosses have hailed a change in international travel rules as London seeks to restore its tourist economy.  (Image: Hollie Adams / Getty Images)

Winners and losers

Sainsbury’s was by far the biggest winner of the day after investors crowded into supermarket shares amid reports it was an acquisition target for US private equity firm Apollo . Its share jumped 15.37% to 340p today.

Aerospace engineer Rolls Royce was the second best player of the day, climbing 3.25% to 113.74p, while miner Evraz was up 2.9% to 560p.

STEPHEN-HESTER-EASYJET-RSA-RBS

Telecoms giant BT led the losses on the FTSE today, slipping 3.03% to 168.15p. Energy supplier SSE fell 1.89% to close at 1,635 pence and hedge fund Pershing Sqaure fell 1.77% to 2,495 pence.



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