THE Dow industrials ret raced part of their lost ground as a rebound in bond prices soothed some investor fears that an interest rate hike was imminent.
"I guess if you take the Dow down 150 points, you can snap back a bit, but volume was not dramatic and technological stocks are lacklustre," said Mr Larry Wachtel, market analyst at Prudential Securities.
The Dow rose by 0.56 per cent to 5581.86, up 31.03 points but off its session high of 5596.63.
Analysts said, however, the stock rebound lacked conviction and lacklustre breadth and volume. Mr Ralph Bloch, chief technical analyst at Raymond James, said the market's bounce was different from the frantic buying following recent sell-offs.
But Mr Philip Orlando, chief investment officer at Value Line Asset Management, was more optimistic. Negative earnings in the form of pre-releases are behind us and now we'll start to see actual earnings representing positive surprises like Nike.
