Wall Street opens over 1% higher as tech leads gains

Wall street opens the last session of the week higher, with the tech sector leading the charge higher after marking the steepest decline in eight months in the last two sessions, as the third-quarter earnings season opens up. 

Earlier US data showed import prices rose 0.5%, compared to a 0.4% drop in August, while University of Michigan released the preliminary reading for its consumer sentiment survey, which came at 99 in October, down from 100.1 in September, and missing estimates of 100.4. 

US President Donald Trump renewed his criticism of the Federal Reserve's policy tightening, accusing them and the treasury secretary of making the most problems for America, even over the trade dispute with China. 

In a Pennsylvania rally, Trump said the Federal Reserve has gone "crazy" with its latest rate hikes, while noting that stocks are undergoing a normal correction after a succession of record highs. 

Otherwise, International Monetary Fund head Christine Lagarde expressed her support for China's moves to maintain the flexibility of its exchange rate, while noting the Fed's decisions shouldn't be considered "crazy". 

In another note, US Treasury Secretary Steven Mnuchin said he wasn't surprised by the sharp correction in the stock market, maintaining that the US economy's foundation are very strong despite what recent market volatility would've insinuated.  

On Sunday, the People's Bank of China cut reserve requirements for Chinese banks for the fourth time this year amid attempts to ease policies and bolster spending. 

The IMF cut its forecasts for global growth for this year and the next for the first time in two years, with US and Chinese economies the most important downgrades alongside the euro zone due to rising trade protectionism. 

Stock Performance 

As of 02:58 GMT, Standard and Poor's 500 rose 1.45%, or 39.20 points to 2,767.57, while Dow Jones climbed 1.15%, or 287.20 points to 25,340.03. 

Tech-heavy NASDAQ rose 2.06%, or 151.53 points to 7,480.59.