Stock market today: Wall Street rebounds after Hong Kong stocks fall to worst day since 2008
U.S. stocks rebounded after falling oil prices released some of the pressure that built up on the market
NEW YORK (AP) — U.S. stocks rebounded Tuesday after falling oil prices released some of the pressure that built up on the market.
The S&P 500 rallied 1% to claw back all of its loss from the day before. The Dow Jones Industrial Average rose 126 points, or 0.3%, and likewise neared its record set last week, while the Nasdaq composite led the way with a 1.4% rally.
Wall Street held firm even though stock markets around the world sank following scary swings in China, as euphoria about possible stimulus for the world’s second-largest economy gave way to disappointment. Stocks tumbled 9.4% in Hong Kong for their worst day since the 2008 global financial crisis.
Helping to support Wall Street was a sharp drawdown in oil prices. They gave back some of the big recent gains they made on worries that worsening tensions in the Middle East could ultimately lead to disruptions in the flow of oil.
