US STOCKS-Wall Street jumps 1 pct, S&P on track for 5-day rally

Mon Sep 9, 2013 3:01pm EDT
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* China exports handily top expectations, boosting materials

* Senate sets test vote for Syria, measure's support unclear

* Koch Industries to buy Molex for about $7.2 billion

* Indexes up: Dow 1 pct, S&P 500 1 pct, Nasdaq 1.2 pct

By Ryan Vlastelica

NEW YORK, Sept 9 (Reuters) - U.S. stocks rose 1 percent in a broad rally on Monday, putting the S&P 500 on track for a fifth straight day of gains as upbeat data from China boosted sentiment about the health of the global economy.

All 10 S&P sectors were higher, with merger activity and easing concerns about Syria giving investors further reason to buy. About 77 percent of companies traded on the New York Stock Exchange rose.

Basic materials shares led the day's gains after China's August exports handily beat market expectations while consumer inflation held steady. U.S. Steel Corp jumped 3 percent to $19.44 while Peabody Energy rose 2.6 percent to $18.69.

"This is more proof that the Chinese government's attempts to stabilize the country's economy are helping, and that really got us up and running," said Donald Selkin, chief market strategist at National Securities in New York.   Continued...