Wall Street Rebounds After Worst Loss in 2 Years
Aug 06, 2024 19:09
Wall Street opened higher on Tuesday, recovering from its worst losses in nearly two years after a series of weak economic reports raised concerns about a potential recession.
Photograph: Shannon Stapleton/Reuters
New York, Aug 6 (AP) Some calm is returning to Wall Street in early trading, and Japan's stock market soared to bounce back from its worst loss since 1987.
The S&P 500 was 0.6 per cent higher early Tuesday and on track to break a scary three-day losing streak. The benchmark index had tumbled a bit more than 6 per cent after several weaker-than-expected reports, including a sharp slowdown in hiring by US companies, raised worries the Federal Reserve had pressed the brakes too hard for too long on the US economy.
The Dow Jones Industrial Average was up 48 points and the Nasdaq composite was up 0.8 per cent.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.