|
The
reversal marked a jump of nearly 194 points in the S&P 500 from
its low of the session to its high, the biggest intraday jump
for the index since Jan. 24.
Financials and energy led gains among S&P 500 sectors.
The market initially dropped after data showed the headline
consumer price index rose at an annual pace of 8.2% in
September, compared with an estimated 8.1% rise.
"People were perhaps net short going into the CPI report, and
saw the report being negative and started covering their
shorts," said King Lip, chief investment strategist at Baker
Avenue Asset Management in San Francisco.
Some strategists also pointed to some technical support levels
around the 3,500 mark for the S&P 500.
The Dow Jones Industrial Average rose 827.87 points, or 2.83%,
to 30,038.72, the S&P 500 gained 92.88 points, or 2.60%, to
3,669.91 and the Nasdaq Composite added 232.05 points, or 2.23%,
to 10,649.15.
"It's technical factors," Lip said, adding that the recent steep
selloff in stocks may mean "bad news may have already been
discounted.
"Going into earnings season, all we really need is things to be
not as bad as suspected," he said.
Big Wall Street banks kick off third-quarter reporting season on
Friday, with investors awaiting to see how a high interest-rate
environment affects their profits.
Walgreens Boots Alliance Inc rose following
better-than-estimated fourth-quarter results.
Advancing issues outnumbered declining ones on the NYSE by a
2.24-to-1 ratio; on Nasdaq, a 2.10-to-1 ratio favored advancers.
The S&P 500 posted three new 52-week highs and 172 new lows; the
Nasdaq Composite recorded 51 new highs and 600 new lows.
Volume on U.S. exchanges was 13.39 billion shares, compared with
a roughly 11 billion average for the full session over the last
20 trading days.
(Additional reporting by Bansari Mayur Kamdar, Ankika Biswas and
Shreyashi Sanyal in Bengaluru; Editing by Saumyadeb Chakrabarty,
Anil D'Silva, Arun Koyyur and Deepa Babington)
[© 2022 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
