Wall Street bounce fails to impress the skeptics
Wall Street ended higher for the first time in over a week, with the Dow and the S&P 500 rising 1 percent at one point, but many analysts saw the rebound as short-lived.
The Dow Jones industrial average was up 75.42 points, or 0.63 percent, at 12,124.36. The Standard & Poor's 500 Index was up 9.44 points, or 0.74 percent, at 1,289.00. The Nasdaq Composite Index was up 9.49 points, or 0.35 percent, at 2,684.8European shares rose sharply, bouncing from six days of losses as investors snapped up beaten-down stocks, notably those related to commodities.
Wall Street also broke a losing run, boosted by trade data and helping the FTSEurofirst 300 index of top European shares advance 0.9 percent to close at 1,104.43 points on Thursday, gaining for the first session since May 31.
The Nikkei share average edged higher today as buying from foreign investors attracted by cheap valuations offset growing worries over a slowing US economy. The benchmark Nikkei ended up 0.2 percent at 9,467.15. It earlier fell as low as 9,383, but held above key technical support at the March 29 intraday low of 9,317. The broader Topix shed 0.2 percent to 812.95.
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