Wall Street roars back late to keep rally going
By Lewis Krauskopf (Reuters) - U.S. stocks roared back to end in positive territory on Thursday, following steep losses earlier, as equities rebounded for a second day. The gains come a day after the major indexes posted their biggest daily percentage increases in nearly a decade, feeding some hope that a Wall Street swoon may be coming to an end
By Lewis Krauskopf
(Reuters) - U.S. stocks roared back to end in positive territory on Thursday, following steep losses earlier, as equities rebounded for a second day.
The gains come a day after the major indexes posted their biggest daily percentage increases in nearly a decade, feeding some hope that a Wall Street swoon may be coming to an end. The S&P 500's two-day percentage gain of 5.9 percent is the best performance for the benchmark index since late August 2015 when the market was in the midst of a downturn over a slowing China.
Even so, all three major indexes remain down more than 9 percent for December. The S&P 500 is on track for its biggest annual percentage drop since 2008.
Stocks were lower for most of Thursday's session, with the S&P 500 dropping as much as 2.8 percent. Strategists said such a pullback was to be expected following the huge jump on Wednesday, when the Dow Jones Industrial Average rose 1,000 points for the first time.
Losses on Thursday reversed in the last hour of trading, with stocks almost across the board churning higher. All 11 sectors finished in positive territory.
“I just think that the selling has been exhausted in the near term. When yesterday’s rally only retraced a portion this morning, buyers came back in at the end of the day,” said Rick Meckler, partner at Cherry Lane Investments, in New Vernon, New Jersey. “The general feeling is that a near-term bottom has been put in.”
The Dow Jones Industrial Average <.DJI> rose 260.37 points, or 1.14 percent, to 23,138.82, the S&P 500 <.SPX> gained 21.13 points, or 0.86 percent, to 2,488.83 and the Nasdaq Composite <.IXIC> added 25.14 points, or 0.38 percent, to 6,579.49.
(Reporting by Lewis Krauskopf; Additional reporting by Chuck Mikolajczak in New York, Medha Singh in Bengaluru; Editing by Chizu Nomiyama and Leslie Adler)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
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