News Column

Major Averages Rebound After Moving Lower At The Open

August 6, 2014

WASHINGTON (Alliance News) - After moving to the downside at the open, stocks have regained some ground over the course of early trading on Wednesday. The major averages have bounced well off their lows for the young session, climbing back near the unchanged line.

The initial weakness on Wall Street was partly due to continued geopolitical concerns amid indications of an escalation of the conflict in Ukraine.

Traders also continued to worry about the outlook for monetary policy following the release of a report showing a narrower than expected US trade deficit.

However, traders seemed somewhat reluctant to continue selling stocks following the sharp drop seen over the past few sessions.

Bargain hunting may have contributed to the subsequent recovery attempt, with the S&P 500 rebounding from a two-month intraday low.

Gold, energy, and tobacco stocks have shown notable moves to the upside in early trading, while weakness remains visible among telecom, computer hardware, and utilities stocks.

Currently, the major averages are posting modest gains. The Dow is up 17.40 points or 0.1% at 16,446.87, the Nasdaq is up 5.42 points or 0.1% at 4,358.26 and the S&P 500 is up 1.91 points or 0.1% at 1,922.12.

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Source: Alliance News

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