NEW YORK, March 26 — Wall Street stocks bounced back early today, with energy, technology and banking shares gaining after worries over global growth prompted a downturn in recent days.
About 30 minutes into trading, the Dow Jones Industrial Average was up 1.0 per cent at 25,764.70.
The broad-based S&P 500 gained 1.1 per cent to 2,827.76, while the tech-rich Nasdaq Composite Index advanced 1.3 per cent to 7,736.85.
Analysts said there was no obvious news catalyst for the rally, but that some of the fears that pummelled stocks late last week seemed to be easing.
“It’s just a little bit of a calming down after the panic attack Friday,” said Karl Haeling of LBBW.
Major indices fell more than one per cent on Friday on worries the US and global economies were slowing.
That was sparked by the inversion of the yield curve, which tracks the spread between short- and long-term rates on US Treasury bonds. Historically that reversal has been a harbinger of recession.
However, in recent days, several leading banks have issued reports saying the fears are exaggerated, which may have prompted investors to come off the sidelines to buy equities. — AFP
