US stock indices turned higher following opening lower, on Wednesday, halting a series of losses that continued for 3 consecutive sessions. The “Standard & Poor’s 500” index rose 0.22%, or 9.17 points, to reach 4,137.46 points, and the “Nasdaq” index, which was dominated by technology shares, rose by 55.69 points, or 0.45%, to reach 12437.6 points, while it increased The Dow Jones Industrial Average index by 0.14%, equivalent to 45.87 points, to reach the level of 32955.88 points.
On Tuesday, the S&P 500 closed lower as investors focused on data showing a slowing economy ahead of the US Federal Reserve’s annual conference in Jackson Hole later this week.
The benchmark index ranged between small gains and losses for most of the session following data showed that the activity of private sector companies in the United States contracted for the second month in a row in August as demand fell in the face of inflation and tightening financial conditions.
Traders are divided between expecting a 50 basis point increase in interest rates and a 75 basis point increase at the US central bank’s September meeting.
On the other hand, the benchmark US 10-year Treasury yield rose to its highest level since late July.
According to preliminary data, the Standard & Poor’s 500 closed 9.34 points, or 0.23 percent, to 4,128.65 points, while the Nasdaq Composite Index fell 0.27 points to close at 12,381.30 points. The Dow Jones index fell 154.39 points, or 0.47 percent, to 32,903.09 points. (agencies)
