With under an hour to go to the close in New York, the Dow was still on course to break its losing streak, gaining 0.26% to 15,050. It’s been a good day for blue chip retail and technology shares. Intel rose over 1% and Cisco Systems advanced 0.7%, helping the NASDAQ 100 to climb 0.64% to 3089. Upbeat earnings reports from Best Buy and Urban Outfitters helped propel the consumer discretionary sector higher.
While the decline in the major stock index benchmarks has been arrested for the moment, there is little sense that concerns have been erased over when the Fed might begin to taper its stimulus. Investors will scrutinise the minutes from the last FOMC meeting when they are released tomorrow (at 7pm BST), looking for any pointers as to how policy makers are thinking.
The Fed has said that any decision on when and how much to reduce stimulus will be based on the latest economic data, major releases of which have been in short supply so far this week. That’s set to change tomorrow, when existing home sales data will be released for July. Sales are expected to increase to 5.15 million from the 5.05 million seen June.