US stocks regain positive traction, major indices near records

Haresh Menghani FXStreet

After yesterday's brief pause, major US equity indices moved back to a generally positive mode and held with modest gains during the opening hour of trade on Thursday.

A Bloomberg report that said China is considering to slow or halt US bond purchases rattled global financial markets on Wednesday, with the S&P 500 and the Nasdaq snapping a six-day rally and ending the day red for the first time this year.

However, a Chinese government source clarified on Thursday that media reports could be based on wrong information and supported the early rebound. Meanwhile, the ongoing bullish run-up in crude oil prices continued lifting energy stock and provided a minor boost.

Investors now gear up for the start of fourth-quarter earnings, which kicks off on Friday and should provide a definitive catalyst for investors after what has been a strong start in 2018.

At the time of reporting, the Dow Jones Industrial Average climbed over 60-points to 25,430, while the broader S&P 500 Index was up 7-points to 2,755. Meanwhile, tech-heavy Nasdaq Composite Index added nearly 20-points and jumped to 7,171 immediately after the opening bell.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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