US stocks surge as US strikes jihadists in Iraq
Published on Aug 9, 2014 6:21 AM
NEW YORK (AFP) - Wall Street stocks pushed higher on Friday despite US air strikes in Iraq as investors ramped up buying in a market that some analysts said had been oversold.
The Dow Jones Industrial Average jumped 185.66 points (1.13 per cent) to 16,553.93.
The broad-based S&P 500 gained 22.02 (1.15 per cent) to 1,931.59, while the tech-rich Nasdaq Composite Index bolted 35.93 (0.83 per cent) higher to 4,370.90.
"Today is a bounce," said Tom Cahill, a portfolio strategist at Ventura Wealth Management. "It was just so oversold in the short-term, it makes a lot of sense it would bounce." Heading into Friday's trade, US stocks had been lower for the week as investors digested a worsening in tensions over Ukraine and a sharp increase in violence in Iraq that prompted the first US air strikes since 2011.
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