U.S. stocks rebounded
from a selloff Wednesday as better-than-estimated results from Facebook
Inc. boosted technology shares and crude oil rallied for a third day to
lift energy producers.
The Standard &
Poor’s 500 Index gained 0.9 percent to 1,899.64 at 9:32 a.m. in New
York, after sliding 1.1 percent yesterday, as the gauge alternated
between daily gains and losses for a fifth session. Oil rose to a
three-week high in New York after Interfax reported that OPEC and other
producers will meet in February to discuss a potential output cut.
Stocks dropped
yesterday after the Federal Reserve, while largely maintaining its
policy stance, signaled financial-market turmoil may pose risks to its
economic outlook. An Apple-led slump in technology shares and Boeing
Co.’s biggest drop in 14 years also weighed on equities.
Investors are looking
to earnings as a possible bright spot in the worst month for stocks in
at least five years. Analysts estimate profit at S&P 500 firms fell
6.3 percent in the fourth quarter, better than predictions a week
earlier that called for a 7 percent slump. Of those that have already
posted results, 80 percent beat earnings projections and 51 percent
exceeded sales forecasts. Amazon and Microsoft Corp. are due to report
results later today.
Fed policy makers left
interest rates unchanged yesterday and said they still expect to raise
borrowing costs at a “gradual” pace, while watching to see the impact of
the global economy and markets. The comments sent the probability of a
March hike lower, to 12 percent from about one-in-four odds before the
meeting.
Data today showed
orders for business equipment fell in December by the most in 10 months,
a sign U.S. companies were slashing capital investment even before the
turmoil in global financial markets. Orders for all durable goods --
items meant to last at least three years -- slumped 5.1 percent, the
most since August 2014 and reflecting a broad-based pullback.
Source : Bloomberg
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