US stocks bounce after mixed economic data

About 15 minutes into trading, the Dow Jones Industrial Average had rebounded 0.6 percent to 24,511.62.

US stocks bounce after mixed economic data

World Bulletin / News Desk

Wall Street stocks rose early Wednesday, bouncing from the prior session's drop, following mixed US economic data.

The broad-based S&P 500 increased 0.7 percent to 2,707.67, while the tech-rich Nasdaq Composite Index gained 0.6 percent to 7,442.47.

US stocks fell sharply Tuesday with most global equities on unease over political turmoil in Italy. While the situation in Italy remained unresolved Wednesday, investors appear to have concluded the selloff was excessive, analysts said.

US government data estimated first-quarter growth at 2.2 percent, a bit below the prior estimate.

And the private sector added 178,000 jobs in May, a bit below expectations in a report that comes ahead of the more closely-watched US jobs report on Friday.

Analysts see a silver lining in lackluster economic data in that it lowers the pressure on the Federal Reserve to accelerate interest rate increases.

In earnings news, retailer Dick's Sporting Goods shot up 21.0 percent after reporting quarterly earnings of 54 cents per share, nine cents above analyst expectations.

Güncelleme Tarihi: 30 Mayıs 2018, 17:02