US stock indices rebounded from the recent series of losses as upbeat economic data calmed investor fears of an impending recession caused by a strong interest rate hike by the Federal Reserve.
Separate reports showed that new orders for major capital goods manufactured in the United States unexpectedly rose in May, sales of new single-family homes rose in the same month, while US consumer confidence rose to 17-month high in June.
“The data gave investors a reason to buy back into stocks after a “very nasty correction” in the past several Sessions”, said Mark Lucchini, chief investment strategist at Janney Montgomery Scott in Philadelphia.
The Dow Jones Industrial Average ended a six-day losing streak, while the heavy Nasdaq Composite Index was looking for its best first-half performance in 40 years and the S & P 500 rose after falling in five of the last six sessions.
The Dow Jones Industrial Average rose 212.03 points, or 0.63%, to 33,926.74; The Standard & Poor’s 500 rose 49.59 points, or 1.15% at 4,378. 41; and the Nasdaq rose 219.90 points, or 1.65%, at 13,555. 67.
