U.S. stocks surged
from three-month lows as energy and health-care shares paced a rebound,
with the Standard & Poor’s 500 Index recovering after the steepest
selloff since September.
Equities spiked
higher, reversing an early drop that sent the Nasdaq Composite Index
toward a 14-month low. Energy companies jumped as crude rallied, with
Exxon Mobil Corp. and Chevron Corp. gaining more than 4.3 percent.
JPMorgan Chase & Co. added 2.6 percent after its quarterly profit
beat estimates amid lower expenses. Merck & Co. and Pfizer Inc.
increased at least 2.5 percent to pace health-care’s rise.
The S&P 500 rose
1.4 percent to 1,916.95 at 12:46 p.m. in New York, after wiping out a
drop in early whipsaw trading. The Nasdaq Composite Index reversed a
slide of 1.2 percent to climbed 1.5 percent. The Dow Jones Industrial
Average gained 226.58 points, or 1.4 percent, to 16,377.99. The Russell
2000 Index increased 1.1 percent after sliding into a bear market
Wednesday. Trading in S&P 500 companies was 49 percent above the
30-day average for this time of the day.
The recovery
accelerated earlier while Federal Reserve Bank of St. Louis President
James Bullard answered questions from reporters following a speech in
which the policy maker, who was a vocal proponent of raising interest
rates, sounded a more cautious tone. He said the latest decline in oil
prices may delay the return of inflation to the central bank’s 2 percent
target.
Source: Bloomberg
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