US stocks rebound after Brexit-related selloff

New York, June 29 (IANS) US stocks traded higher as investors saw an opportunity to buy following two-day sharp selloff after Britain’s vote to leave the European Union (EU).

The Dow Jones Industrial Average gained 121.80 points, or 0.71 per cent, to 17,262.04 on Tuesday, Xinhua news agency reported.

The S&P 500 rose 16.92 points, or 0.85 per cent, to 2,017.46. The Nasdaq Composite Index surged 58.35 points, or 1.27 per cent, to 4,652.79.

“The first wave of Brexit selling in equities is over as European markets rebounded more than 2 per cent today,” said Chris Low, chief economist at FTN Financial on Tuesday.

The Leave camp won Britain’s Brexit referendum last week by obtaining nearly 52 per cent of ballots, pulling the country out of the 28-nation European Union (EU) after its 43-year membership.

US stocks closed lower on Monday, extending Friday’s decline.

The S&P 500 dropped more than 2 per cent in the morning session, below the psychologically key 2,000 level for the first time since March.

–IANS

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