US stocks rebound sharply after yesterday's selloff
|Major US equity indices kicked off Friday's trading session on a positive note and attempted a goodish rebound after previous session's slump.
The US markets tracked rebound in China’s main equity benchmarks, witnessing their best daily gains since early August after authorities offered calming comments about the health of the economy and tried to ease worries over the country's trade conflicts with the US.
Adding to this, strong corporate results from a handful of major US companies helped offset escalating tensions between the US and Saudi Arabia, especially after the US Treasury Secretary Steven Mnuchin pulled out of an investment conference in Riyadh in response to the disappearance of Saudi journalist Jamal Khashoggi.
In absence of any major market moving economic releases, the focus will remain on earnings reports and progress over the Kashoggi case. Meanwhile, comments by Atlanta Fed President Raphael Bostic and Dallas Fed President Robert Kaplan might be looked upon for some short-term trading impetus on the last trading day of the week.
During the opening hour of trade, the Dow Jones Industrial Average rallied nearly 200-points to 25,575 and the broader S&P 500 Index climbed around 23-points to 2,792. Meanwhile, tech-heavy Nasdaq Composite Index outperformed the markets and surged over 1%, or 85-points to 7,570.
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