Frankfort, New York Investors returned to Wall Street on Wednesday, buoyed by encouraging corporate results. The Dow Jones gained 1.3 percent to almost 32,813 points. The tech-heavy Nasdaq advanced 2.6 percent to 12,668 points and the broad-based S&P 500 gained 1.6 percent to 4,155 points.
Investors also reacted with relief to the relatively moderate reaction of the government in Beijing to the visit of US politician Nancy Pelosi to Taiwan, said Naeem Aslam, chief market analyst at brokerage firm AvaTrade. But China will hardly let the matter rest. The People’s Republic regards Taiwan as a breakaway province.
Strong US economic data also boosted sentiment. The purchasing managers’ index for the US services sector rose surprisingly. The growth in orders received by US industry was greater than expected at two percent. “Growth worries should tend to diminish against this background,” said Helaba economist Ulrich Wortberg.
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