US stocks bounce back

Dhaka,  Wed,  20 September 2017
Published : 18 Apr 2017, 11:07:33
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US stocks rally in low volume

US stocks bounce back
US stocks bounced back on Monday after the S&P 500 closed the previous session at a two-month low, in a broad rally led by recently beaten-down bank and technology shares.

Market focus shifted from geopolitical tension to earnings, with several Dow components, including Goldman Sachs, General Electric and Johnson & Johnson, scheduled to release results later this week.

Stock trading volume was the lightest for a single session so far this year.

At the closing bell on Monday, the Dow Jones Industrial Average rose 183.67 points, or 0.9 per cent, to 20,636.92, the S&P 500 gained 20.06 points, or 0.86 per cent, to 2,349.01.

The Nasdaq Composite added 51.64 points, or 0.89 per cent, to 5,856.79.

The technology sector of the S&P 500 closed up for the first time in 11 sessions. Financials rose for the second time in the same period.

S&P 500 component Netflix, which reported results after the bell, was up 3.0 per cent to $147.25 during the regular session but fell 2.1 per cent after the bell.

Amazon was the largest points gainer on the S&P 500, up 2.0 per cent to $901.99 after Credit Suisse raised its price target to $1,050 from $900.

Advancing issues outnumbered declining ones on the NYSE by a 2.93-to-1 ratio; on Nasdaq, a 2.36-to-1 ratio favoured advancers.

The S&P 500 posted 14 new 52-week highs and 1 new low; the Nasdaq Composite recorded 32 new highs and 49 new lows.

About 5.31 billion shares changed hands in US exchanges, compared with the 6.4 billion daily average over the last 20 sessions, according to Reuters.
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