US stocks rise extending rebound from previous meltdown

Business Thursday 22/July/2021 12:46 PM
By: ANI/Sputnik
US stocks rise extending rebound from previous meltdown

New York: US stocks rebounded broadly for a second day in a row on Wednesday as investors continued to buy in a market cheapened by a plunge earlier in the week on fears about a resurgence in coronavirus cases.

"We are seeing real resilience after a troubling start to the week," Craig Erlam, analyst at broker OANDA, said. "The Delta variant remains an ever-present downside risk for the markets in the near-term but as long as inflation remains only a temporary problem, it also keeps central bank hawks at bay. And we know how investors love that."

In Wednesday's trade, the Dow Jones Industrial Average, the broadest US equity barometer on the New York Stock Exchange, closed up 0.8 percent at 34,798. In the previous session, the Dow gained 1.5 percent, rebounding from Monday's 2.1 percent slump, which was the index's sharpest loss since January 29.

The S&P 500 index, which groups the top 500 stocks on the New York Stock Exchange, also rose 0.8 percent to settle at 4,359. The index gained similarly on Tuesday after losing just as much on Monday.

The Nasdaq Composite, which includes high-flying tech stocks such as Facebook, Amazon, Apple, Microsoft, Netflix and Google, finished 0.9 percent at 14,632. Nasdaq gained 1.6 percent in the previous session after losing just 0.9 percent on Monday.