US Stocks Open Higher In Calmer Market After Rout

Wall Street stocks opened higher early Tuesday in a cautious but calmer market after three straight days of losses that included Monday's rout

New York, (UrduPoint / Pakistan Point News - 6th Aug, 2024) Wall Street stocks opened higher early Tuesday in a cautious but calmer market after three straight days of losses that included Monday's rout.

While there were signs of some bargain hunting, "it is fair to say that it is not a hard-charging rebound effort given the scope of recent losses," said Briefing.com analyst Patrick O'Hare.

About half an hour into trading, the Dow Jones Industrial Average was up 0.7 percent at 38,979.82.

The broad-based S&P 500 rose 0.8 percent to 5,226.56, while the tech-rich Nasdaq Composite Index advanced 0.4 percent to 16,268.54.

Major indices fell more than 2.

5 percent on Monday in a move seen as a reflection of worries about a US recession following Friday's disappointing jobs data.

Market watchers have also pointed to ripple effects from Japan's decision last week to hike interest rates, which boosted the Yen and have led to liquidations in other markets.

The market "is understandably leery of it revving back up given how entrenched it had become with Japan holding rates below zero, or near zero, for so long," O'Hare said.

The market was also wary of "the US economy slowing more quickly than it had previously believed it would," he added.