U.S. shares advanced,
following a two-day selloff, as investors took an optimistic view on
domestic growth amid reassuring comments from Federal Reserve policy
makers.
The Standard &
Poor’s 500 Index added 0.5 percent to 1,967.15 at 4 p.m. in New York,
after briefly erasing a 1.1 percent gain. The gauge fell a combined 1.9
percent over Thursday and Friday.
Just days after the
central bank voted to hold interest rates near zero, sparking the
biggest post-meeting selloff since July 2014, four Fed officials
separately said the U.S. economy is strong enough to withstand a hike
this year. Their remarks suggested continued improvement in the domestic
economy may overshadow concerns about global conditions.
The quartet of policy
makers who spoke out contended that any threat from abroad is temporary,
providing an antidote to Chair Janet Yellen’s warning last week that
global financial-market turmoil could harm growth.
After the Fed left
rates unchanged, the S&P 500 erased its weekly gain, with financial
companies tumbling. The late-week slump put the finish another period of
indecision as the equity gauge capped its 10th straight week of
back-and-forth results with a decline of 0.2 percent.
Source : Bloomberg
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