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US stocks trade higher after heavy sell-off

IANS  |  New York 

US stocks traded higher on Monday as the market recovered from a heavy weekly sell-off.

At midday, the added 272.64 points, or 1.13 per cent, to 24,463.54, reports

The increased 22.82 points, or 0.87 per cent, to 2,642.37. The Index was up 63.77 points, or 0.93 per cent, to 6,938.27.

Last week, all three major indices slumped deeply, with the Dow, the and the Nasdaq plunging 5.21 per cent, 5.16 per cent and 5.06 per cent, respectively, notching their worst weekly performance in nearly two years.

Traders said that the investors' move to lock in profits, possibly some computer-programmed trading, combined with concerns about interest rates have sent the equities into correction territory.

Most analysts believed that the recent pullback was not linked to economic fundamentals. Instead, it was a healthy market correction that is welcomed and long overdue.

However, financial service company remains cautious for 2018 as extreme positioning, tapering of central and underestimated risks of inflation re-pricing may continue to exert pressure on risk assets.

With no major data due out on Monday, investors watched closely the latest news that the unveiled a long-awaited infrastructure plan that includes $200 billion in spending over 10 years.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 13 2018. 01:08 IST
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