August 20, 2014
Wall St recovers with Pfizer; futures up on Turkey's rate hike
US stocks rebounded today after Pfizer's upbeat results gave investors some relief from the pain of the Dow's five-day losing streak, and the market's focus turned to the Federal Reserve's next move on stimulus.
The market's advance, which also broke the S&P 500's three-day slide, came after heavy losses tied to concerns about the withdrawal of U.S. monetary stimulus as well as worries about emerging markets, including a slowdown in China's growth and political turmoil from Turkey to Thailand. Last week, the S&P 500 marked its worst percentage loss since June 2012.
The Dow Jones industrial average rose 90.68 points or 0.57 percent, to end at 15,928.56. The S&P 500 gained 10.94 points or 0.61 percent, to finish at 1,792.50. The Nasdaq Composite added 14.35 points or 0.35 percent, to close at 4,097.96.
US-dollar denominated Nikkei futures rose 1.1 percent and a gauge of global equities rose 0.4 percent, the most since Jan. 15.
European stocks, and especially those in eastern and southern Europe, were seen as possible beneficiaries from the recent flight out of emerging market assets, thanks to improving growth prospects and still low valuations.
European shares were up the most in nine sessions, with a 0.6 percent gain.
US Treasuries prices edged up. Data that showed orders for US durable goods fell in December spurred safe-haven bids, but nervousness ahead of the Fed's meeting capped gains.