NEW YORK: Wall Street stocks bounced early Wednesday, recovering some of the losses from the prior session that were prompted by worries over higher US interest rates.
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.4 percent at 25,504.18.
The broad-based S&P 500 gained 0.3 percent to 2,751.72, while the tech-rich Nasdaq Composite Index advanced 0.3 percent to 7,353.50.
Major indices fell more than one percent Tuesday after new Federal Reserve Chairman Jerome Powell gave an upbeat appraisal of US economic growth that many investors took as a signal the US central bank would accelerate interest rate increases.
The selloff was the latest in the back and forth between optimism about the prospects for faster US growth and worries over tightening monetary policy to head off inflation.
In economic data, US growth in the fourth quarter was downgraded slightly to 2.5 percent from the prior 2.6 percent estimate, according to a government report.
Home-improvement retailer Lowe’s Companies dived 8.9 percent after reporting a 16.4 percent drop in fourth-quarter earnings to $554 million.
Biotech company Celgene slumped 5.8 percent after disclosing that it hit a stumbling block in the government review of its ozanimod medication for multiple sclerosis. The company said it would work with the US Food and Drug Administration to meet the agency’s concerns.
Dick’s Sporting Goods gained 0.7 percent after announcing it would stop selling assault-style rifles and bar gun sales to customers under 21 years old.
Source: Brecorder.com
