BUSINESS US stocks bounce after May rout

BUSINESS

US stocks bounce after May rout

AFP

22:34, June 04, 2019

Wall Street stocks bounced early Tuesday, winning back some of the losses from May after a weak stretch due to trade conflicts. 

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Traders on the floor of the New York Stock Exchange (Photo: AFP)

Analysts have described the market as primed to push higher after the Dow lost around seven percent last month. 

Briefing.com analyst Patrick O'Hare called Tuesday's early gains a "rebound from a short-term oversold condition."

About 20 minutes into trading, the Dow Jones Industrial Average was at 25,034.80, up 0.9 percent.

The broad-based S&P 500 gained 0.7 percent to 2,764.67, while the tech-rich Nasdaq Composite Index advanced 0.8 percent to 7,390.49.

Tiffany & Co. jumped 3.1 percent after reporting first-quarter earnings of $1.03 per share, a penny above expectations.

CVS Health gained 3.7 percent as it reaffirmed its 2019 earnings forecast and projecting earnings growth in the following three years.

Tech giants Amazon, Facebook and Alphabet were modestly negative after suffering big drops on Monday on reports that US regulators plan stepped-up antitrust enforcement.

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