The following is an excerpt from Alex Viega | January 14, 2016 | Time.com |
Dow Jones, S&P, and NASDAQ all added over 1%
U.S. stocks moved sharply higher in late-afternoon trading Thursday, on course to close out the best day for the market in over a month. Energy stocks led the rally, climbing along with the price of crude oil. The market was rebounding from a deep slump a day earlier.
KEEPING SCORE: The Dow rose 251 points, or 1.6 percent, to 16,404 as of 3:40 p.m. Eastern Time. The Standard & Poor’s 500 index gained 36 points, or 1.9 percent, to 1,926. The Nasdaq composite added 99 points, or 2.2 percent, to 4,625.
THE QUOTE: “It’s been pretty ugly so far, year-to-date, and it’s good to see the gains, but we’ll see if they follow through tomorrow,” said Sean Lynch, co-head of global equity for Wells Fargo Investment Institute.
TURBULENT RUN: The market is coming off a broad downturn on Wednesday that sent the S&P 500 index into what’s known as a correction, or a drop of 10 percent or more from a peak. The slump through the first eight trading days of 2016 represents the worst start to a year in the history of both the S&P 500 and the Dow. The turbulent run reflects mounting worries on Wall Street about the slowdown in China, plunging oil prices and the implications for U.S. corporations
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