Stocks: Investors cheer China data

  @CNNMoneyInvest July 15, 2013: 9:03 AM ET
SP 9

Click for more market data.


Investors were breathing a sigh of relief Monday after the latest readout on growth in China met expectations.

U.S. stock futures were modestly higher ahead of the open.

There had been concerns that the Chinese economic slowdown was intensifying.

While the latest data show China's economy grew at a slower pace in the second quarter -- with gross domestic product expanding by 7.5% over the previous year -- the performance matched the government's target and the consensus estimate from private forecasters.

"While confirming the inevitable slowing of the emerging market's expansion, [there's] a collective sigh of relief that it wasn't any weaker," noted Mike van Dulken, head of research at Accendo Markets

China has averaged growth of around 10% a year in the past three decades.

Related: China's GDP growth slows to 7.5%

In company news, the stock price for Leap Wireless International (LEAP) jumped 115% in premarket trading Monday, after AT&T (T, Fortune 500) said on Friday that it plans to acquire the prepaid wireless provider for about $1.2 billion.

Bank earnings remain in focus Monday. Citigroup (C, Fortune 500)'s share price rose 2% in premarket trading after the bank reported quarterly net income of $4.2 billion, or $1.34 per diluted share, and revenue of $20.5 billion, driven by lower loan losses.

Crazy trends indicate economy's future

On the economic front, U.S. retail sales grew 0.4% in June, according to the Commerce Department. Economists surveyed by had forecast a 0.7% rise.

U.S. stocks inched higher Friday, and the slim gains were enough to send the Dow and S&P 500 to new record closing highs, and the Nasdaq to the highest level in over a decade.

Related: Fear & Greed Index gets greedy

Boeing's (BA, Fortune 500) stock edged up 1% after British investigators said that a Dreamliner fire at London Heathrow Airport last Friday was not linked to its batteries, which have created problems in the past.

Major European markets gained less than 0.5% in morning trading, while the main Chinese markets ended with gains. The Shanghai Composite index and the Hang Seng index popped up by 1% and 0.1%, respectively.

In Japan, the Tokyo Stock Exchange was closed for a holiday. To top of page

Join the Conversation
Sponsored by
Index Last Change % Change
Dow 16,408.54 -16.31 -0.10%
Nasdaq 4,095.52 9.29 0.23%
S&P 500 1,864.85 2.54 0.14%
Treasuries 2.72 0.08 3.19%
Data as of 3:05pm ET
Company Price Change % Change
Bank of America Corp... 16.15 0.00 0.00%
Facebook Inc 58.94 0.00 0.00%
General Electric Co 26.56 0.00 0.00%
Cisco Systems Inc 23.19 -0.02 -0.09%
Micron Technology In... 23.91 0.00 0.00%
Data as of Apr 17
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.32%4.26%
15 yr fixed3.36%3.27%
5/1 ARM3.37%3.27%
30 yr refi4.31%4.24%
15 yr refi3.34%3.25%
View rates in your area
Find personalized rates:
Rate data provided
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.