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Post by bot on Oct 5, 2016 22:19:10 GMT -5
U.S. stocks bounce back from two-session loss on strong data
The U.S. stock market rebounded from two days of losses Wednesday on the back of strong economic data and a rally in oil prices. The S&P 500 climbed 9 points, or 0.4%, to close at 2,159 while the Dow Jones Industrial Average rose 110 points, or 0.6%, to finish at 18,279. The Nasdaq Composite Index advanced 26 points, or 0.5%, to close at 5,316. The Institute for Supply Management's services index surged to 57.1 in September from 51.4 in August. The robust data boosted expectations that the Federal Reserve could raise interest rates by the end of the year, propelling financial stocks higher. Oil prices also rose on news that U.S. crude oil supply fell for fifth straight week in a row. November WTI crude gained $1.14, or 2.3%, to settle at $49.83 a barrel.
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