Wall Street tries to rebound after five sessions of decline

PARIS, Sept 27 (Reuters) – The New York Stock Exchange opened higher on Tuesday, erasing some of its losses over the past week as tensions eased across markets.

A few minutes after the start of trading, the Dow Jones index gained 288.77 points, or 0.99%, to 29,549.58, the Standard & Poor’s 500 rose 1.41% to 3,706.72 and the Nasdaq Composite took 1.89% to 11,007.34.

All three have chained five consecutive sessions of decline which on Monday brought the S&P 500 to a new low for the end of the year, at 3,655.04 points, while the Dow Jones carried in session its decline since January 1 to more 20%, confirming the return to the “bear market” phase.

But the fears linked to the rise in interest rates and the turbulence of the last few days on the foreign exchange market ebbed on Tuesday on all the major world markets, which favors cheap purchases.

The CBOE’s Vix volatility index, a barometer of risk aversion which had reached its highest level since June on Monday, fell six points to 30.3.

Within the Dow Jones, the biggest risers in early trading include Salesforce, which gained 2.33%, Apple (+2.29%) and Cisco Systems (+1.87%).

Chevron and Exxon Mobil took 0.8% and 1.58% respectively thanks to a rebound in oil prices (+1.62% to 77.95 dollars a barrel for the West Texas Intermediate, WTI).

On the bond market, the yield on ten-year Treasury bills, at 3.8881%, moved away from the highest of more than 12 years touched Monday at 3.933%.

Source link -91