U.S. stocks close higher as comeback from correction continues

Source: Xinhua    2018-02-14 07:50:46

NEW YORK, Feb. 13 (Xinhua) -- U.S. stocks ended higher on Tuesday as major indices continued to recover from last week' s sell-off.

The Dow Jones Industrial Average added 39.18 points, or 0.16 percent, to 24,640.45. The S&P 500 increased 6.94 points, or 0.26 percent, to 2,662.94. The Nasdaq Composite Index was up 31.55 points, or 0.45 percent, to 7,013.51.

For Chinese companies listed in the United States, shares of Chinese e-commerce giant Alibaba rose 1.02 percent to end at 179.25 U.S. dollars on Monday, while shares of another Chinese technology company Baidu soared 1.79 percent to close at 225.60 U.S. dollars.

Last week, all three major indices slumped over five percent, notching their worst weekly performance in about two years.

Traders said that the investors' move to lock in profits, possibly some computer-programed trading, combined with concerns about interest rates have sent the equities into correction territory.

With no major data due on Tuesday, investors were awaiting the closely-watched Consumer Price Index scheduled to release on Wednesday to get more information of the country's inflation level.

Moreover, Cleveland Federal Reserve President Loretta Mester said on Tuesday that the recent market rout is not impacting the central bank's economic outlook.

"While a deeper and more persistent drop in equity markets could dash confidence and lead to a pullback in risk-taking and spending, the movements we have seen are far away from this scenario," he said.

Editor: Chengcheng
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U.S. stocks close higher as comeback from correction continues

Source: Xinhua 2018-02-14 07:50:46

NEW YORK, Feb. 13 (Xinhua) -- U.S. stocks ended higher on Tuesday as major indices continued to recover from last week' s sell-off.

The Dow Jones Industrial Average added 39.18 points, or 0.16 percent, to 24,640.45. The S&P 500 increased 6.94 points, or 0.26 percent, to 2,662.94. The Nasdaq Composite Index was up 31.55 points, or 0.45 percent, to 7,013.51.

For Chinese companies listed in the United States, shares of Chinese e-commerce giant Alibaba rose 1.02 percent to end at 179.25 U.S. dollars on Monday, while shares of another Chinese technology company Baidu soared 1.79 percent to close at 225.60 U.S. dollars.

Last week, all three major indices slumped over five percent, notching their worst weekly performance in about two years.

Traders said that the investors' move to lock in profits, possibly some computer-programed trading, combined with concerns about interest rates have sent the equities into correction territory.

With no major data due on Tuesday, investors were awaiting the closely-watched Consumer Price Index scheduled to release on Wednesday to get more information of the country's inflation level.

Moreover, Cleveland Federal Reserve President Loretta Mester said on Tuesday that the recent market rout is not impacting the central bank's economic outlook.

"While a deeper and more persistent drop in equity markets could dash confidence and lead to a pullback in risk-taking and spending, the movements we have seen are far away from this scenario," he said.

[Editor: huaxia]
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