Wall Street rebounds from one-day slide
Investors anticipated positive news from a court ruling on Europe's bailout fund and a forthcoming US Federal Reserve meeting.
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Stocks on Wall Street rose, led by blue chips and energy shares, as investors anticipated positive news from a court ruling on Europe's bailout fund and a forthcoming US Federal Reserve meeting.
The Fed's two-day policy meeting could bring further economic stimulus moves or guidance on future interest rates, while the German Constitutional Court will give its verdict on the legality of Europe's permanent bailout mechanism.
In economic news, the US trade deficit expanded in July but to a slimmer gap than economists had expected. The US imported a record level of goods and services from China, widening the trade deficit to the highest ever.
The National Federation of Independent Business's Small Business Optimism Index for August increased from July, boosted by a large jump in the job creation subindex.
The Dow Jones Industrial Average advanced 69.23 points, or 0.5%, to 13,323.52. The Dow fell 0.4% on Monday to snap a three-session winning streak.
The S&P 500 index added 0.3% to 1433.62. The energy sector led the index alongside rising natural-gas and oil prices, while utilities shares lagged behind.
The Nasdaq Composite Index gained less than 0.1% to 3104.53.
European markets rose after Germany's high court said it won't delay its eurozone ruling. The Stoxx Europe 600 added 0.3%.
Asian markets fell on the back of weakness in the US and European markets in the previous session. Japan's Nikkei Stock Average and China's Shanghai Composite both lost 0.7%.
Crude-oil prices climbed 0.7%, to settle at $US97.17 a barrel, while gold prices added 0.2%, to $US1731.80 an ounce.
The US dollar slipped against the euro and yen.
Nevil Gibson
Wed, 12 Sep 2012
Wed, 12 Sep 2012
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Wall Street rebounds from one-day slide
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