Wall Street stages sharp recovery in afternoon trade

Wall Street lurched higher and into positive territory during lunchtime trade, giving the S&P 500 a shot at ending a five-day losing streak.

Treasuries also tempered their rally from earlier in the session as yields crept higher.

The S&P 500 was up 0.6 per cent, putting the benchmark on track to end a five-session losing streak, which is its longest in almost three weeks. The index had been down as much as 1.1 per cent this morning and had been in recovery mode, but picked up the pace of gains in the past hour.

Technology stocks led the way, with the sector up 1.8 per cent and the best performer today. Next best was energy, up 1.5 per cent as the price of oil benchmarks rose nearly 1 per cent.

Utilities was the worst-performing sector, down 0.7 per cent, owing to the continued sell-off in Pacific Gas and Electric shares amid concerns its equipment may have caused one of the destructive California wildfires.

Telecommunications services, down ⅔ of 1 per cent, and consumer staples, down ⅓ of 1 per cent, were the next worst.

The Dow Jones Industrial Average was up 0.4 per cent, while the Nasdaq Composite added 1.2 per cent.

The yield on the benchmark 10-year US Treasury was down 0.8 basis points to 3.1122 per cent, but earlier today hit its lowest point for the month.

The dollar lost a bit of steam despite a hefty drop in the pound. The DXY index was up about ¼ of 1 per cent to 97.05.


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