U.S. stocks rose for a third day, continuing to rebound after a turbulent start to the year erased as much as $ 1.7 trillion from equities.
The Standard & Poor’s 500 Index added 0.4 percent to 1,946.66 at 9:32 a.m. in New York, after climbing 0.8 percent on Tuesday.
In a volatile session yesterday, the S&P 500 capped its first back-to-back advance in three weeks, as traders assessed China’s efforts to tame the financial-market turmoil that sent equities to the steepest weekly drop since 2011.
Concern that turbulence in China’s stocks and currency will spread to the global economy just as the Federal Reserve is increasing borrowing costs has spurred declines in markets in 2016. The S&P 500 posted its worst-ever start to a year, sliding 6 percent last week. The benchmark has slipped 9 percent through Tuesday from its record set in May, and was 3.8 percent above the bottom of an August swoon, which was also sparked by anxiety over the impact of China’s weakness on worldwide growth.
Source : Bloomberg