Cyprus Mail
Business

Wall St recovers after historic falls

A man monitors a stock index board at a bank in Bangkok

US stock markets bounced after a torrid opening on Tuesday, bargain-hunters and gains for Apple pushing the tech-heavy Nasdaq and the Dow Jones Industrial Average into positive territory after two days of heavy losses.

Both the S&P 500 and the Dow sank more than 4 per cent on Monday, their biggest falls since August 2011, as concerns over rising US interest rates and government bond yields hit record-high valuations of stocks.

New York’s three main indexes sank as much as 2 per cent on the opening bell but they quickly moved back into positive territory.

An almost 2 per cent gain for Apple was at the heart of an almost half per cent gain for the Nasdaq Composite.

“Daily drops of 3 per cent or more have been buying opportunities for the S&P 500 post financial crisis,” said Lori Calvasina, head of US equity strategy at RBC Capital Markets.

At 9:49am ET (1449 GMT), the Dow Jones Industrial Average gained 0.25 per cent to 24,406.14. The S&P 500 rose 0.2 per cent to 2,654.25 and the Nasdaq 0.4 per cent to 6,993.47.


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