US stocks indexes rebound after Tuesday’s big drop
US Stocks closed on a higher note on Wall Street Tuesday, recovering from a sharp drop in the market the day before.
The rebound ended the 5-day losing streak of the Dow Jones Industrial Average which was impacted by investor concerns of the new China virus that could severely impact global economic growth.
“There are always a few bargain hunters out there who will step in and start buying almost immediately,” said Randy Frederick, vice president of trading & derivatives at Charles Schwab. “But I’m quite surprised that it’s been this quickly and that it has rebounded as much as it has.”
The S&P 500 index jumped up 1% (36.61 points) to 3,276.24. The Dow rose by 0.7% (187.05 points) to 28,722.85. The Nasdaq climbed by 1.4%, (130.37 points), closing at 9,269.68. Meanwhile, the Russell 2000 index of smaller company stocks went up by 0.9% (14.18 points) to 1,658.31.