Having closed in correction territory on Thursday, US stocks are higher in the first few minutes of trading today as investors attempt to steer away from suffering the market’s worst weekly performance in at least six-and-a-half years.
The S&P 500 was up 1.1 per cent at 2,609.76 at pixel time. The Dow Jones Industrial Average gained 1.1 per cent to 24,120.10 and the Nasdaq Composite was 1.4 higher at 6,868.902.
In the lead up to opening bell, futures tipped Wall Street to rise on Friday, although investors have been reminded this week that things can change rapidly.
The sharp drop for US stocks on Thursday saw both the S&P 500 and Dow Jones suffer corrections, defined as a drop of 10 per cent or more from their record peaks in January. The Dow briefly fell into correction territory during intraday trading earlier this week.
Both the S&P 500 and Dow were down 6.6 per cent for the four sessions to the close on Thursday, putting them on track for their worst weekly performances since August 2011 and October 2008, respectively.
Early gains for the market on Friday were helping temper the weekly drop.
However, the lead in from other markets today has been poor. London’s FTSE 100 is down 0.5 per cent, Germany’s Dax is down 0.6 per cent and France’s Cac 40 is off 0.7 per cent.
The yield on the benchmark 10-year US Treasury was up 1 basis point 2.8603 per cent. Yields move in the opposite direction to bond prices.
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