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U.S. stocks end volatile trading day mostly higher

08-04-2011 14:37 BJT

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US stocks fluctuated wildly during early trading overnight, due to signs of a slowing US economy and concerns over European debt crisis. But Wall Street finished the trading day on a positive note, with the Dow Jones reaching positive territory after nine consecutive days of losses.

It was a day in which investors could hardly catch their breaths.

Wall Street fluctuated wildly amid signs of a slowing U.S. economy and additional worries of a never-ending European debt crisis.

But after a massive flight out of stocks early in the day, the Dow put an end to its longest losing streak since October 2008.

The recent sell-off makes sense, says Standard & Poor's equity strategist Alec Young.

Wall Street finished the trading day on a positive note, with the Dow Jones reaching positive territory after nine consecutive days of losses.

Alec Young, equity strategist from Standard & Poor’s said, "I think the move down was very rational. Having said that, the market is very oversold. I think the bad economic news has been priced into the market at this point. People are hoping maybe we have a greater chance of QE3, so this is a natural place to see some bargain hunting play out."

Those buyers, however, had to contend with mixed economic signals. The services sector grew at its slowest pace in a year and a half in July; private payrolls were up more than expected, according to ADP; but planned layoffs rose to a 16-month high, say consultants Challenger, Gray and Christmas.

And there were international concerns. Italy's Prime Minister took to the airwaves pledging to push for new economic reforms, a pledge aimed at investors worried Italy will be the next country to get caught up in Europe's debt crisis.

In corporate news: Research in Motion maker BlackBerry is hoping to shake off a malaise. It unveiled upgrades to its Torch and Bold models, including an all-touch smartphone. RIM has a lot of catching up to do as the Apple iPhone and devices powered by Google's Android software gain more market share.

Back to the markets now; a stunning turnaround on Wall Street led to the first up day for the Dow in nine sessions.

Unfortunately, European markets tumbled to a fresh 11-month closing low.

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Editor:Li Wanran |Source: CNTV.CN

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