WALL STREET HALTS 4-DAY LOSING STREAK: AP
Stocks on Wall Street shrugged off an early slide and closed higher Tuesday (Wednesday in Manila), halting the first four-day losing streak since the market was selling off in the early days of the pandemic, Stan Choe, Damian J. Troise and Alex Veiga reported for the Associated Press (AP).
The S&P 500 climbed 1.1%, led by solid gains in technology and communications stocks, and companies that rely on consumer spending. Banks, health care and energy stocks closed lower. Homebuilders surged following a report showing U.S. home sales jumped in August to their highest level since 2006. The gains helped the market recover some of its losses a day after stocks tumbled amid a raft of worries about the pandemic and governments’ response to it.
The S&P 500 rose 34.51 points to 3,315.57. The Dow Jones Industrial Average gained 140.48 points, or 0.5%, to 27,288.18. The Nasdaq composite climbed 184.84 points, or 1.7%, to 10,963.64. The Russell 2000 index of small company stocks picked up 11.71 points, or 0.8%, to 1,496.96.
Tuesday’s market rebound has been the exception this month. Wall Street has suddenly lost momentum in September following months of powerful gains that returned the S&P 500 to a record. The benchmark S&P 500 index is down 5.3% so far this month, while the Nasdaq is off nearly 7%. A long list of concerns for investors has caused big swings in the market, from worries that stocks have grown too expensive to frustration about Congress’ refusal so far to deliver more aid to the struggling economy.
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