U.S. stocks fluctuated, after panic eased over China shock currency devaluation, leaving investors focused on economic data and the pace of any Federal Reserve interest-rate increases.
The Standard & Poor 500 Index wobbled between gains and losses after the index yesterday staged its biggest intraday recovery in three years, as technical levels held up amid China’s roiling of global markets. Stocks held Thursday in the tightest trading range since 1927 as labor and sales data bolstered the case for higher interest rates as soon as next month.
The S&P 500 increased 0.1 percent to 2,088.52 at 12:16 p.m. in New York, after earlier losing as much as 0.4 percent. The Dow Jones Industrial Average rose 29.90 points, or 0.2 percent to 17,432.41, and the Nasdaq Composite Index added 0.3 percent.
The S&P 500 yesterday erased an early loss of 1.5 percent loss sparked by concerns China economy is faltering, as the gauge rose back above its average price during the past 200 days. The index has closed below its 200-day moving average only two times in 2015, as the level once again halted declines in equities. The gauge has advanced 1.4 percent this year.
Source : Bloomberg