U.S.
stocks rallied, with the Dow Jones Industrial Average posting its
strongest gain in more than seven weeks, amid better-than-forecast
earnings from companies ranging from 3M Co. to Coach Inc. while energy
shares rebounded with oil after a selloff Monday.
The
Standard & Poor’s 500 Index added 1.4 percent to 1,903.62 at 4 p.m.
in New York, recovering from a 1.6 percent drop yesterday.
Tuesday’s
rally provided a reprieve for the S&P 500, which remains on track
for its worst January since 2009 as a plunge in oil prices exacerbated
worries that China’s slowdown will weigh on global growth.
Better-than-forecast earnings reports and economic data today helped
soothe some of those concerns, while Federal Reserve officials gathered
in Washington for a two-day policy meeting.
Policy
makers are widely expected to leave rates steady, though investors will
be scouring Wednesday’s statement for hints officials are backing away
from the path of four rate increases in 2016. Signals last week that
central banks in Europe and Japan stand ready to boost stimulus to tamp
down market volatility fueled a flight to risk assets after equities had
the worst two-week start to a year on record.
Source: Bloomberg
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