Wall Street made a third consecutive day gain overnight as some latest economic data shows that the recession is bottoming out. Financials were also buoyed after Insurance giant American International Group said it expects to repay the government.
US stocks opened lower overnight due to the massive drop in Shanghai shares, which also caused a broad selloff in Asia markets. But Wall Street ended the day higher as the energy companies were boosted on hope of an improving demand. The US oil futures rose after the US Department of Energy said US oil inventories plunged unexpectedly.
Wall Street finished higher in choppy trade as the upbeat economic data in Europe offset the news of disappointing retail sales in US. Wal-Mart's second-quarter earnings, above analyst's expectations, also helped to lift the market.
US stocks surged overnight as the Federal Reserve said the economy was leveling out, and it left interest rates unchanged at the end of its two-day policy meeting.
US stocks fell overnight ahead of the Federal Reserve's latest decision on monetary policy and guidance on the outlook for recovery from the recession. The market was also weighed down by the worries that the banking sector has yet to fundamentally improve.
US stocks traded slightly higher overnight with more buying in financials. Analysts expect there would be a short-term correction after the rally as investors lock in gains from a strong three-week rally.
Wall Street closed at a nine-month high overnight boosted by earnings reports and encouraging economic data in US manufacturing activity and new car sales. Energy and materials companies also broadly lifted the market.
