China's software and information technology service industry reported double-digit year-on-year growth in terms of revenue in the first eleven months of 2024, the Ministry of Industry and Information Technology said on Thursday.
Data show that from January to November, China's software business revenue reached 12.2903 trillion yuan (about 1.68 trillion U.S. dollars), a year-on-year increase of 10.7 percent.
The revenue from information technology services maintained double-digit growth, accounting for 67.3 percent of the total industry revenue. Among these, cloud computing and big data services generated a revenue of 1.2691 trillion yuan (about 173.86 billion U.S. dollars), marking a year-on-year increase of 10.5 percent.
In the eleven-month period, software business exports continued to improve, reaching 51.01 billion U.S. dollars, up 4.8 percent year on year.
China's software, IT service industry sees double-digit growth in revenue in Jan-Nov 2024
U.S. stocks finished slightly higher on Monday, staging a late-session recovery as investors navigated a volatile landscape marked by a criminal probe into the Federal Reserve leadership.
The Dow Jones Industrial Average rose 86.13 points, or 0.17 percent, to 49,590.2. The S&P 500 added 10.99 points, or 0.16 percent, to 6,977.27. The Nasdaq Composite Index increased by 62.56 points, or 0.26 percent, to 23,733.9. Despite the positive close, the market experienced significant intraday turbulence, with the Dow dropping nearly 500 points at its session lows.
Nine of the 11 primary S&P 500 sectors ended in positive territory. Consumer staples and industrials led the gainers, rising 1.42 percent and 0.75 percent, respectively. Financials and energy were the primary laggards, declining 0.8 percent and 0.66 percent.
Market sentiment was initially shaken by an announcement on Sunday from Fed Chair Jerome Powell, who confirmed that federal prosecutors are investigating him over the Fed's multi-billion-dollar project to renovate its headquarters. Powell characterized the probe as an attempt by the Trump administration to compromise the Fed's independence.
Further weighing on the financial sector was a proposal by U.S. President Donald Trump to cap credit card interest rates at 10 percent for one year, which triggered a sell-off in banking stocks amid concerns over restricted lending and reduced profitability. Capital One shares plummeted 6.42 percent, while Citigroup, JPMorgan and Bank of America also recorded losses.
In contrast, retail giant Walmart led the Dow's advance, climbing 3 percent following news of its upcoming inclusion in the Nasdaq 100 index. The company also announced a strategic partnership with Google's Gemini AI to enhance the digital shopping experience.
Investors are awaiting Tuesday's release of the U.S. consumer price index for December 2025. Following last week's cooling labor market data, market participants increasingly expect the Fed to maintain interest rates at their current levels during the upcoming January meeting.
U.S. stocks close higher amid criminal probe into Fed chair Powell
