US Market rebounds on bargain buying

The US share market finished session modestly higher on Wednesday, 14 February 2024, as bargain buying resumed after January's hot inflation induced steep selloff previous day, with shares in industrial, communication services, retailers, consumer goods, and tech companies being leading gains.

Stocks took a hit Tuesday after inflation came in hotter than expected for the month of January, with consumer prices rising 3.1% year-per-year, according to the Bureau of Labor Statistics.

At closing bell, the Dow Jones Industrial Average index advanced 151.52 points, or 0.4%, to 38,424.27. The S&P500 index added 47.45 points, or 0.96%, to 5,000.62. The tech-heavy Nasdaq Composite index was up 203.55 points, or 1.3%, to 15,859.15.

 

Total 9 of 11 S&P500 sectoral indices inclined, with industrial sector being top performer, rising 1.67%, while consumer staple sector was bottom performer, falling 0.19%.

Among individual stocks, shares of Lyft surged 35% after the ride-hailing company reported better than expected fourth quarter results and provided upbeat guidance.

Shares of Robinhood advanced 13% after investing platform reported reported better than expected fourth quarter earnings.

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