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Wall St. Bounces Back After 4-Day Losing Streak

Strong home sales gave markets a boost
By Newser Editors and Wire Services
Posted Sep 22, 2020 4:14 PM CDT

(Newser) – Stocks rebounded on Wall Street Tuesday, recovering some of their losses after tumbling on a raft of worries about the pandemic and governments’ response to it. The S&P 500 gained 1.1%, halting its first four-day losing streak since the market was selling off in February. Trading was erratic, though, and indexes swung from small gains to losses through the morning, the AP reports. Gains in technology and communications stocks, and by companies that rely on consumer spending, helped lift the market. Homebuilders surged following a report showing US home sales jumped in August to their highest level since 2006.The S&P 500 rose 34.51 points to 3,315.57. The Dow Jones Industrial Average gained 140.48 points, or 0.5%, to 27,288.18. The Nasdaq composite climbed 184.84 points, or 1.7%, to 10,963.64.

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Wall Street has lost momentum recently after months of powerful gains that returned the S&P 500 to a record. A long list of concerns for investors has caused big swings in the market, from worries that stocks have grown too expensive to frustration about Congress’ refusal so far to deliver more aid to the struggling economy. “Right now it's kind of reality is setting in, looking at valuations and realizing that coronavirus is still prevalent, we don’t have a vaccine and we don’t know who’s going to be in the White House in 2021,” says Lindsey Bell, chief investment strategist at Ally Invest. Federal Reserve Chair Jerome Powell pressed Congress to act on additional aid for the economy during a House committee hearing Tuesday, saying that the economy appears to be improving, but still likely needs more government stimulus

(Read more stock market stories.)

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