NEW YORK: U.S. stocks rose on Thursday, bouncing back after a three-session slide, as Chinese trade data beat expectations and Wall Street considered the impact of jobless claims on the timing of reductions in the Federal Reserve’s bond-buying program.
“The labor market isn’t seeing the big improvement necessary for the Fed to begin their big taper, I believe, at least until December,” said Chris Gaffney, senior market strategist at EverBank Wealth Management.
In China, data showed that exports and imports rebounded sharply in July, confirming that “China is going from an export-driven to a consumer-led economy,” said Gaffney.
After rising 86 points and falling 52, the Dow Jones industrial average gained 27.65 points, or 0.2 percent, to end at 15,498.32.
Among the blue-chip losses, J.P. Morgan Chase & Co.’s shares fell 0.9 percent after the bank on Wednesday disclosed it faces a federal criminal probe of its practices relating to sales of mortgage-backed bonds.
The S&P 500 index rose 6.57 points, or 0.4 percent, to 1,697.48, halting a decline that had the index off 1.1 percent during the first three days of the week. The Nasdaq composite rose 15.12 points, or 0.4 percent, to 3,669.12.
Telecommunications led declines among the S&P 500’s major industry groups and materials performed the best, with the price of gold climbing back above $1,300 an ounce.