US stocks bounced back today, underpinned by sturdy corporate results, as the market fought to regain its footing following its largest selloff in months a day earlier.
Yesterday’s sharp decline, on the back of weaker-than-expected US data, concerns over growth in China and the outlook for some emerging economies, opened the door for traders looking for bargains. Consumer and financial stocks were leading the gains on the S&P 500.
The Dow Jones industrial average rose 92.35 points or 0.6 percent, to 15,465.15, the S&P 500 gained 14.75 points or 0.85 percent, to 1,756.64 and the Nasdaq Composite added 41.623 points or 1.04 percent, to 4,038.582.
European shares followed Asian markets lower on concerns about the global economic outlook and on disappointing earnings reports from the likes of oil major BP and chip designer ARM.
Stocks pared some losses, however, after better-than-expected UK construction data, which reinforced optimism about the UK economy and also sent the euro lower against the pound.
The pan-European FTSEurofirst 300 was down 0.1 percent at 1,272.30 points by 1603 GMT, well off a session low of 1,263.36, though still down almost 6 percent from a late January peak.
Japan’s Nikkei stock average fell 4.2 percent to a four-month low, as the yen’s rise hurt sentiment after weaker-than-expected American factory data created worries about the US economy.
The benchmark Nikkei, extending its losing streak to a fourth day, ended 610.66 points lower at 14,008.47, the lowest closing since Oct. 8. It was the biggest one-day percentage decline since June 2013.
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