Wall Street stocks rebounded on Tuesday (US time), led by a jump in Amazon.com, even as a likely delay in the passage of new fiscal stimulus by Congress dampened hopes of a faster economic recovery from the coronavirus pandemic.
Amazon.com is up 5 per cent in afternoon trade after Bernstein upgraded the stock to “outperform,” saying the company will continue to receive a boost from premium subscribers and third-party merchants even once the pandemic is contained.
Microsoft, Apple, Alphabet and Facebook, which together have fuelled Wall Street’s rally since the coronavirus-driven crash in March, rose between 0.3 per cent and 2 per cent.
In late trade, the Dow Jones is up 0.4 per cent, the S&P 500 has gained 0.9 per cent and the Nasdaq Composite has added 1.4 per cent. It sets up the ASX for gains, with futures at 5.13am AEST pointing to a gain of 55 points, or 1 per cent, at the open.