US stocks climb as some see ‘oversold’ market

US stocks climb as some see ‘oversold’ market
US stocks climb as some see ‘oversold’ market

Traders wearing masks work, on the first day of in person trading since the closure during the outbreak of the coronavirus disease (Covid-19) on the floor at the New York Stock Exchange (NYSE) in New York May 26, 2020. — Reuters pic

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Wednesday, 07 Sep 2022 11:40 PM MYT

NEW YORK, Sept 7 — Wall Street stocks climbed early today, shaking off recent weakness as markets grapple with the likelihood of additional Federal Reserve interest rate hikes.

Analysts warned of more volatility ahead as the Wall Street Journal reported that the Fed appeared likely to enact another 75 basis point interest rate increase.

Briefing.com analyst Patrick O’Hare said worries about further Fed action were competing for investor focus with “the idea that the stock market is oversold on a short-term basis and due for a bounce.” Near 1445 GMT, the Dow Jones Industrial Average was up 0.5 per cent at 31,300.48.

The broad-based S&P 500 also gained 0.5 per cent to 3,926.94, while the tech-rich Nasdaq Composite Index advanced 0.4 per cent to 11,592.61.

Among individual companies, Twitter gained 3.6 per cent after a Delaware judge rejected Elon Musk’s request to delay a trial into the disintegration of Musk’s transaction to acquire the microblogging platform. — AFP

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