Wall Street Rings in 2017 With Big Gains

It’s very early in the game, but 2017 is already shaping up to be a lot better than its predecessor.

U.S. indexes kicked off the first day of trading in the new year with across-the-board gains: As of 11 a.m. ET today, the Dow Jones Industrial Average jumped 92 points, or 0.5 percent, to 19,854.98; the Nasdaq Composite leaped 40 points, or 0.7 percent, to 5,421.23; and the Standard & Poor’s 500 index gained 16 points, or 0.7 percent, to 2,254.50.

This is a stark contrast to the start U.S. and global markets had last year. U.S. indexes began 2016 down sharply on the first trading day as concerns about China’s economy weighed on investor sentiment and sparked a global stock sell-off.

This time around, The FTSE 100 index in Britain is up 0.7 percent, and the French CAC 40 has gained 0.9 percent, as of 11 a.m. ET. Germany’s DAX edged up 0.1 percent, and Hong Kong’s Hang Seng index advanced 0.7 percent.

Trading is currently closed for China’s troublesome Shanghai Composite index; however, the market ended the previous day up 1.04 percent.

Back on U.S. soil, footwear stocks generally moved in tandem with the market. As of 11 a.m. ET, Nike Inc.’s shares were up 2.6 percent, to $52.14; Under Armour’s Class A stock climbed 1.9 percent, to $29.60; Skechers USA Inc.’s stock gained 1.1 percent, to $24.86; and DSW Inc.’s shares were among the outliers, dipping nearly 5 percent, to $21.57.

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