US Stocks Rebound After Rout

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2019-05-15 HKT 04:45

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  • Wall Street stocks recovered some of their losses on Tuesday. Image: Shutterstock

    Wall Street stocks recovered some of their losses on Tuesday. Image: Shutterstock

Wall Street stocks finished solidly higher on Tuesday, bouncing from the prior session's rout amid uncertainty over the prospects for a Sino-US trade deal.

The Dow Jones Industrial Average ended at 25,532, up 0.8 per cent, winning back about one third of Monday's loss. The broad-based S&P 500 also climbed 0.8 per cent to 2,834, while the tech-rich Nasdaq Composite Index jumped 1.1 per cent to 7,734.

Major US indices had lost more than two per cent on Monday after Beijing announced retaliatory tariff measures on the United States following Washington's move last week to more than double the punitive tariffs already in place.

Still, some analysts viewed the reaction in markets on Monday as exaggerated and still expect a deal. The two sides have both said they expect further talks, including at a Group of 20 summit next month in Japan.

"Volatility is increasing on the heels of uncertainty in trade discussions," said Terry Sandven, chief equity strategist for US Bank Wealth Management.

Among individual companies, Walt Disney gained 1.4 per cent after announcing it had reached agreement with Comcast to take control of streaming service Hulu. Comcast, which holds a 33 per cent stake, advanced 1.5 per cent. (AFP)