As we reported a few months back, gains in healthcare and energy stocks helped drive the market up, but the three major indexes are facing their worst quarter since 2011. Volatile trading due to fears of slowing growth in China and uncertainty over interest rate hikes are causing problems for the market. Inflation remains below the U.S. Federal Reserve's 2% target and the labor market is still in need of improvement, meaning interest rates will likely not increase for the time being.
All 10 major S&P sectors were higher including the energy index, which was up 2.18%. The Nasdaq biotechnology index was up 3.8% as investors continued to seek bargains. Western Digital jumped 11.9% to $77.70 after the data storage company said it would receive a $3.78 billion investment from Chinese infotech company Unisplendour.
Apple's 1% gain provided the biggest boost to the market with the S&P up 23.4 points and the Nasdaq up 67.42 points while the Dow Jones was up 175.64 points. The market's recent disaster forced many strategists to lower year-end expectations. Although, a recent poll from Reuters showed that the S&P 500 is expected to end 2015 roughly 11% above current levels.
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