S&P 500 gains with energy, tech but ends near day's low
By Caroline Valetkevitch NEW YORK (Reuters) - The S&P 500 ended higher on Wednesday after a brutal two-day selloff, led by a rebound in energy and technology shares, but the market faltered towards the session's end as Apple shares surrendered gains ahead of the Thanksgiving holiday. The Dow also gave up its gains to end flat, while the S&P 500 ended near its session lows, a sign of lingering bearishness
By Caroline Valetkevitch
NEW YORK (Reuters) - The S&P 500 ended higher on Wednesday after a brutal two-day selloff, led by a rebound in energy and technology shares, but the market faltered towards the session's end as Apple shares surrendered gains ahead of the Thanksgiving holiday.
The Dow also gave up its gains to end flat, while the S&P 500 ended near its session lows, a sign of lingering bearishness.
Worries about slowing global growth and peaking corporate earnings have sapped risk appetite in recent months, throwing into doubt the longevity of the decade-old bull run for stocks.
Michael Antonelli, managing director of institutional sales trading at Robert W. Baird in Milwaukee, said the late-day weakness, which was likely tied to program selling in thin trading volume, is a disappointment for the bulls.
"It's ugly end-price action. There's no way to say it otherwise," he said. "Everybody's watching Apple because it's been one of the drivers of pain. It opened really strong and to give all of that back just means the pain is not over."
Though the S&P technology index <.SPLRCT> rose 0.6 percent, helped by a 9.7 percent gain in shares of Autodesk Inc
Software company Autodesk reported third-quarter results above analysts' estimates and announced an $875 million deal to buy cloud-based software company PlanGrid.
The S&P energy index <.SPNY> rose 1.6 percent as oil prices
The Dow Jones Industrial Average <.DJI> ended flat at 24,464.69, the S&P 500 <.SPX> gained 8.04 points, or 0.30 percent, to 2,649.93 and the Nasdaq Composite <.IXIC> added 63.43 points, or 0.92 percent, to 6,972.25.
The Dow and S&P 500 remain in negative territory for the year.
The Cboe Volatility Index <.VIX>, the most widely followed barometer of expected near-term volatility for the S&P 500, was down 1.68 points at 20.8. Traders in the options market expect stocks to remain volatile in coming weeks.
Volume was light at about 6.5 billion shares. That compares with the 8.5 billion daily average for the past 20 trading days.
"It's a cautious, measured recovery to recapture some of the lost share price from the past few days," said John Carey, managing director and portfolio manager at Amundi Pioneer Asset Management in Boston.
"Oil is a big part of it ... It's brought about an improvement in cyclical stocks," Carey said, referring to gains in shares of energy and materials companies.
Retailers also recovered, with the S&P retail index <.SPXRT> ending up 1.1 percent, breaking an eight-session string of losses.
Foot Locker Inc
Shares of Dick's Sporting Goods Inc
Gains in Foot Locker and Gap helped push the S&P consumer discretionary <.SPLRCD> index 1 percent higher.
A report by capital markets-focused MNI saying the Federal Reserve may pause its interest rate-hiking cycle as early as spring may have helped to support the market, some strategists said.
Advancing issues outnumbered declining ones on the NYSE by a 2.77-to-1 ratio; on Nasdaq, a 2.91-to-1 ratio favoured advancers.
The S&P 500 posted six new 52-week highs and three new lows; the Nasdaq Composite recorded 14 new highs and 84 new lows.
(Additional reporting by Medha Singh in Bengaluru and April Joyner; Editing by Arun Koyyur and James Dalgleish)
This story has not been edited by Firstpost staff and is generated by auto-feed.
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