NEW YORK: Wall Street stocks pushed higher on Friday despite US air strikes in Iraq as investors ramped up buying in a market that some analysts said had been oversold.
At the closing bell, the Dow Jones Industrial Average was 182.40 points (1.11 percent) higher at 16,550.67.
The broad-based S&P 500 gained 21.83 (1.14 percent) to 1,931.40, while the tech-rich Nasdaq Composite Index bolted 36.04 (0.83 percent) higher to 4,371.01.
"Today is a bounce," said Tom Cahill, a portfolio strategist at Ventura Wealth Management. "It was just so oversold in the short-term, it makes a lot of sense it would bounce."
Heading into Friday's trade, US stocks had been lower for the week as investors digested a worsening in tensions over Ukraine and a sharp increase in violence in Iraq that prompted the first US air strikes since 2011.
But Friday's trade pushed the week into the black. "Investors are buying the dip," said Alan Skrainka, chief investment officer at Cornerstone Wealth Management.
Comments
Comments are closed.