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Wall Street Rebounds From Trump-Induced Sell-Off Dollar Rises

Updated with latest news, breaking news, current news, political news and news headlines Worldwide.New York: Wall Street rebounded on Thursday from its biggest sell-off in more than eight months, helped by strong U.S. economic data, but uncertainty over U.S. President Donald Trump’s agenda kept an index of global equity markets near a three-week low.

The U.S. dollar reversed early losses against a basket of major currencies after stronger-than-expected U.S. economic data put the focus back on a widely anticipated increase in interest rates by the Federal Reserve.

Wall Street rebounded on Thursday from its biggest sell-off in more than eight months, helped by strong U.S. economic data, but uncertainty over U.S. President Donald Trump’s agenda kept an index of global equity markets near a three-week low.

The U.S. dollar reversed early losses against a basket of major currencies after stronger-than-expected U.S. economic data put the focus back on a widely anticipated increase in interest rates by the Federal Reserve.
Earlier in the day, the Philadelphia Federal Reserve said its business activity index rose in May after declining for two months. Weekly unemployment data also pointed to strength in the labor market.

Wall Street Rebounds From Trump-Induced Sell-Off; Dollar Rises
Wall Street Rebounds From Trump-Induced Sell-Off; Dollar Rises

The Dow Jones Industrial Average rose 56.09 points, or 0.27 percent, to end at 20,663.02, the S&P 500 gained 8.69 points, or 0.37 percent, to finish at 2,365.72 and the Nasdaq Composite added 43.89 points, or 0.73 percent, to close at 6,055.13.

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