Technology and commodity companies paced a rebound in U.S. stocks, with a turnaround in crude-oil prices sparking broader buying that erased declines of as much as 1.7 percent in benchmark indexes.

The Nasdaq Composite Index rallied 0.9 percent to 4,542.61 at 4 p.m. in New York, boosted by gains in Apple Inc. and Facebook Inc. The Russell 2000 Index surged 1 percent after an early 1.5 percent slide. The Standard & Poor’s 500 Index added 0.4 percent to 1,929.64, after the gauge lost as much as 1.6 percent.

Early on, it looked as if equities were headed for another steep selloff. A recent rebound in U.S. stocks had faltered Tuesday as global-growth concerns resurfaced, after the S&P 500 had cut its 2016 declines by more than half over six sessions.

Wednesday’s gains helped the S&P 500 cut its February decline to 0.5 percent, still heading for a third straight monthly drop which would be the longest stretch in more than four years. Concern that China’s slowdown will hurt global growth, and that lenders will suffer as some energy producers struggle to stay solvent amid low oil prices, has weighed on equities this year, dragging the U.S. benchmark 9 percent below its all-time high reached last May.

 

Source : Bloomberg