US STOCKS-Wall St set to open higher, helped by China market rally
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By Tanya Agrawal
June 1 (Reuters) - Wall Street was set to open higher on the first day of the month, helped by an almost five percent rally in Chinese stock markets and ahead of a string of domestic economic data.
Chinese stock markets rose strongly after last week's sell off and as data showed growth in the country's factory sector edged up in May but export demand shrank again, reinforcing the view of the need for more stimulus.
"It's the first day of the month and news out of China is bullish," said Andrew Barber, chief market strategist at Eagleview Capital in Delaware.
"The first day of the month tends to be bullish for stocks because a lot of investors dump losers before the end of the month and still have cash on hand." Continuación...