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Stocks - Wall Street Rises on Upbeat Chinese Data, Hong Kong Bill Withdrawal

Investing.com – Wall Street opened higher on Wednesday on a combination of upbeat data from China and reports that Hong Kong leaders withdrew a controversial extradition bill.

The Dow jumped 164 points or 0.6% by 9:55 AM ET (13:55 GMT), while the S&P 500 gained 22 points or 0.8% and the Nasdaq composite was up 75 points or 1%.

A private survey overnight showed activity in China's services sector expanded at the fastest pace in three months in August, a boost to the world's second-largest economy whose manufacturing sector is struggling to reverse a prolonged slump.

Meanwhile, Carrie Lam, head of Hong Kong’s legislative council, said on Wednesday that she will withdraw the bill that would have allowed Hong Kong citizens to be extradited to jurisdictions including mainland China. The introduction of the bill sparked sometimes violent clashes between police and activists.

Michaels (NASDAQ:MIK) was among the top gainers, surging 18% after its earnings came in better than expected and comparable-store sales rose 0.3%. Technology stocks were higher, with Apple (NASDAQ:AAPL) gaining 1%, Facebook (NASDAQ:FB) up 1.4% and Amazon.com (NASDAQ:AMZN) rising 0.6%.

Tyson Foods (NYSE:TSN) fell 4.2% after cutting its full-year earnings forecast due to the impact of a fire at one of its key poultry factories. JetBlue Airways slipped 4.6% after the air carrier cut its third-quarter revenue per available seat mile due to weaker demand.

In commodities, crude oil jumped 3.2% to $55.66 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was down 0.4% to 98.595 and gold futures were flat at $1,555.45 a troy ounce.

-Reuters contributed to this report

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