US stocks close higher, reversing some earlier losses
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Traders work on the floor of the New York Stock Exchange, in New York City.
PHOTO: AFP
NEW YORK - Wall Street closed higher on Aug 9, with the stock market recovering from a bruising rout at the start of the week.
The broad-based S&P 500 Index gained 0.5 per cent to 5,344.16, while the tech-heavy Nasdaq Composite Index also advanced 0.5 per cent to 16,745.30.
The Dow Jones Industrial Average ticked up 0.1 per cent to 39,497.54.
Stock markets suffered a painful rout on Aug 5, on the back of economic fears and fallout from recent shifts in overseas financial markets.
But it has since “recovered a good part of the week’s losses,” said Mr Peter Cardillo, of Spartan Capital.
Most equities rallied on Aug 6 and markets calmed later in the week.
Bolstering sentiment was initial jobless claims data released on Aug 8 which indicated that the US economy was “on track for a cooldown” but “not a recession,” according to Nationwide financial markets economist Oren Klachkin.
Investors will be eyeing US inflation data next week, for their bearing on the central bank’s monetary policy. AFP
