S&P 500 gains with energy, tech but ends near day's low

Traders and financial professionals on the floor of the New York Stock Exchange Nov 20 2018

Stocks in the USA are higher Wednesday morning after two days of steep losses, and major European indexes are also recovering.

The pressure on technology stocks appeared to have eased, with the S&P technology index rising 1.1 percent after three sessions of declines, while internet shares bounced back as well. The Dow Jones Industrial Average rose 151 points, or 0.6 per cent, to 24,625.

The Nasdaq composite jumped 63.43 points, or 0.9 percent, to 6,972.25. The large-company stock index, considered a proxy for the health of the broader market, briefly dipped 10 percent below its September 20 high, putting it back in so-called "correction territory".

The Dow and S&P 500 erased gains for this year while the Nasdaq dropped into correction territory on Tuesday at close.

The Dow is down 948.53 points, or 3.7 percent.

Gap Inc rose 4.7 percent after several Wall Street brokerages took positively to Chief Executive Arthur Peck's more aggressive plan to close underperforming stores, which is expected to eliminate significant losses.

PG&E stock fell 4.7 percent to $23.26.

The S&P 500 Index hit a level almost 10 percent below its September record close before recovering.

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Retailers also recovered, with the S&P retail index ending up 1.1 percent, breaking an eight-session string of losses. US -traded shares of Nissan lost 5.8 percent, while Renault shares dropped 8.4 percent in Paris. In addition, Kohl's, L Brands and Macy's - which are also in the XRT - fell 9.2 percent, 17.7 percent and 3.4 percent, respectively.

In addition to the tech rebound, US stocks also found support from speculation that the Federal Reserve could ease up on its path of interest-rate hikes, said Chad Morganlander, senior portfolio manager at Washington Crossing Advisors in Florham Park, New Jersey. Coca-Cola fell 1.3 per cent to $48.73 and Duke Energy lost 2.3 per cent to $86.45.

Alec Young, managing director of global markets research at FTSE Russell, said the market has tumbled this autumn because growth in the global economy and in company profits is slowing down, and investors are anxious that the situation will get worse.

Benchmark U.S. crude lost 7 percent to $53.23 a barrel in NY.

Tokyo's Nikkei 225 lost 1.1 per cent and Hong Kong's Hang Seng shed 2 per cent while Seoul's Kospi retreated 0.9 per cent. It fell 6.6 per cent on Tuesday and finished at its lowest price in a year.

Gold rose 0.2% to $1,225.30 an ounce. Brent crude, the global standard traded in London, advanced 2.6 percent to $64.13 a barrel. Apple inched up 0.2 per cent to $177.32. The pound extended its gains to $1.2880 from $1.2879, on news that Britain and the European Union had reached a deal in principle on future relations.

CURRENCY: The dollar edged up to 112.59 yen from Monday's 112.53 yen. The euro rose to $1.1453 from $1.1412.

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