NEW YORK, Jan 25 ― Wall Street bounced back from a steep sell-off late in the session to close higher yesterday, with bargain hunters pushing the indexes into positive territory by closing bell.
Earlier in the day, the indexes were all more than 2 per cent lower. The S&P appeared to be on course to confirm a correction, and the Russell 2000 looked as if it would confirm it was in a bear market. “When everything started selling off, that got a lot of people's attention, so I think we had what I would call intraday capitulation, getting some of this easy money out of the market,” Dollarhide added.
In a sign that geopolitical tensions are heating up, Nato announced it was putting forces on standby to prepare for a potential Russian invasion of Ukraine. All 11 major sectors of the S&P 500 spent most of the trading day deep in red territory, but by market close all but three were green. Consumer discretionary enjoyed the largest percentage gain.
Kohl's Corp surged after Reuters reported private equity firm Sycamore Partners is preparing to make a bid for the department store chain days after a consortium backed by activist investment firm Starboard Value proposed a buyout.
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