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* Crude price surge boosts energy stocks
* Data suggest waning inflation, economic progress
* S&P 500 rises from over 3-week low
* Indexes up: Dow 0.72%, S&P 0.80%, Nasdaq 0.62%
NEW YORK, Sept 15 (Reuters) - Wall Street stocks advanced on
Wednesday as surging crude prices boosted energy shares and a
swath of U.S. data suggested inflation has crested and an
economic revival has become increasingly certain.
All three major U.S. stock indexes gathered strength
throughout the session as investor favor pivoted back to value
stocks, which stand to benefit most from an economic rebound.
"The main factor in that move between growth and value is
COVID and the Delta variant and its impact on the economy," said
Tim Ghriskey, chief investment strategist at Inverness Counsel
in New York.
"Over time, we've seen the market focus flip flop between
these two outlooks for the economy as investors try to grapple
with the near-term economic outlook."
The Dow Transportation index, a barometer of economic
health, outperformed the broader market.
A host of economic data showed hints of waning inflation and
an ongoing return to economic normalcy, even as supply
constraints, complicated by hurricane Ida, hindered factory
Import prices posted their first monthly decline since
October 2020, in the latest sign that the wave of price spikes
has crested, further supporting the Federal Reserve's position
that current inflationary pressures are transitory.
Next week, the Federal Open Markets Committee is due to
convene for a two-day monetary policy meeting, which will be
closely parsed for signals as to when the central bank will
begin to taper its asset purchases.
The graphic below shows major indicators against the Fed's
average annual 2% inflation target.
The Dow Jones Industrial Average rose 247.68 points,
or 0.72%, to 34,825.25; the S&P 500 gained 35.74 points,
or 0.80%, at 4,478.79; and the Nasdaq Composite added
93.96 points, or 0.62%, at 15,131.72.
While all 11 major sectors in the S&P 500 were green, energy
was by far the best performer, benefiting from a jump in
crude prices driven by a drawdown in U.S. stocks.
U.S.-listed Chinese stocks extended recent losses, as weak
retail sales data pointed to a possible economic slowdown in the
mainland, while Beijing's regulatory overhaul of Macau's casino
industry further dampened appetite for Chinese stocks.
This follows a series of regulatory moves by China against
major technology firms, which has wiped out billions in market
value this year.
"There's uncertainty about what China could do - and it
would appear to be one thing after another - and that has caused
profit taking across the board in Chinese related names,"
U.S.-based casino operators Las Vegas Sands Corp,
Wynn Resorts Ltd and MGM Resorts International
were off between 3% and 8%.
Apple Inc snapped a decline over recent sessions
following an adverse court ruling on its business practices, and
a lukewarm response to its event on Tuesday where it unveiled
updates to its iPhone and other gadgets.
Lending platform GreenSky Inc shot up 53.0% after
Goldman Sachs Group Inc said it would buy the company in
an all-stock deal valued at $2.24 billion.
Advancing issues outnumbered declining ones on the NYSE by a
2.02-to-1 ratio; on Nasdaq, a 1.46-to-1 ratio favored advancers.
The S&P 500 posted five new 52-week highs and three new
lows; the Nasdaq Composite recorded 41 new highs and 95 new
(Reporting by Stephen Culp; additional reporting by Ambar
Warrick and Sruthi Shankar in Bengaluru; Editing by Richard