Technology and
commodity companies paced a rebound in U.S. stocks, with a turnaround in
crude-oil prices sparking broader buying that erased declines of as
much as 1.7 percent in benchmark indexes.
The Nasdaq Composite
Index rallied 0.9 percent to 4,542.61 at 4 p.m. in New York, boosted by
gains in Apple Inc. and Facebook Inc. The Russell 2000 Index surged 1
percent after an early 1.5 percent slide. The Standard & Poor’s 500
Index added 0.4 percent to 1,929.64, after the gauge lost as much as 1.6
percent.
Early on, it looked as
if equities were headed for another steep selloff. A recent rebound in
U.S. stocks had faltered Tuesday as global-growth concerns resurfaced,
after the S&P 500 had cut its 2016 declines by more than half over
six sessions.
Wednesday’s gains
helped the S&P 500 cut its February decline to 0.5 percent, still
heading for a third straight monthly drop which would be the longest
stretch in more than four years. Concern that China’s slowdown will hurt
global growth, and that lenders will suffer as some energy producers
struggle to stay solvent amid low oil prices, has weighed on equities
this year, dragging the U.S. benchmark 9 percent below its all-time high
reached last May.
Source : Bloomberg
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