US stocks open higher after selloff

New York, Aug 26 (IANS) US stocks opened higher on Wednesday as investors bought the dip after a six-day sharp decline.

Traders remained cautious after unexpected reversal on Tuesday, when US stocks pared early rebound in the final section of the trading and extended the drop.

More than 2 trillion dollars’ market value has been erased after the 6-day losing streak of S&P 500.

The recent heavy selloff was sparked by the expectations for the Federal Reserve to increase interest rates as soon as September and global growth concerns.

The upbeat economic data renewed investors’ expectation for an interest-rate hike. US sales of new single-family houses in July were at a seasonally-adjusted annual rate of 507,000, said the Commerce Department Tuesday.

US consumer confidence for August came in at 101.5, up from 91.0 in July, according to the New York-based research group Conference Board on Tuesday.

In company news, Schlumberger, the world’ s largest oilfield-services provider, agreed to buy Cameron International Corp. for 14.8 billion US dollars.

Shortly after the opening bell, the Dow Jones Industrial Average gained 403 points (2.58 percent), to 16,070.38. The S&P 500 added 43.37 points (2.32 percent), to 1,910.98. The Nasdaq Composite Index was up 131.75 points (2.92 percent), to 4,638.24.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here