Stock markets moved higher Wednesday, stabilizing after the previous day's losses on Wall Street. Investors were weighing stronger Chinese manufacturing data against Europe's economic malaise and heightened geopolitical risks after the United States and Arab nations attacked the Islamic State group's headquarters in Syria.
KEEPING SCORE In afternoon trading the Dow Jones industrial average was 0.9 percent higher. The Standard & Poor's 500-stock index gained 0.7 percent. The Nasdaq composite rose 0.9 percent. Germany's DAX ended the day up 0.7 percent while France's CAC 40 closed up 1.3 percent. Britain's FTSE 100 gained 0.5 percent.
HOME IMPROVEMENT Bed Bath & Beyond rose $4.62, or 7.4 percent, to $67.28 after the home furnishings company after reporting quarterly results well above analysts' expectations. It was the biggest gain of any stock in the S.&P. 500 index.
WAL-BANK Retail giant Walmart rose $1.60, or 2 percent, to $77.20 after the company announced it would start offering checking accounts to its customers in collaboration with a small banking company known as Green Dot. The news sent Green Dot shares soaring 24 percent.
HEALTH CARE REBOUND Among the names doing well Wednesday were health care stocks, particularly the ones that got hit hard earlier in the week when the Treasury Department announced rules that would stop companies from doing so-called corporate inversion deals. Such deals happen when a company merges with an overseas competitor to legally move its headquarters out of the United States to avoid paying corporate taxes. AbbVie, which fell nearly 2 percent on Tuesday, was up 2.6 percent Wednesday.
ASIA'S DAY Japan's Nikkei 225 stock average shed 0.2 percent to 16,167.45 while Seoul's Kospi rose 0.3 percent to 2,035.64. Hong Kong's Hang Seng gained 0.4 percent to 23,921.61. Australia's S&P/ASX 200 dropped 0.7 percent to 5.375.80. China's Shanghai Composite jumped 1.5 percent to 2,343.57. Southeast Asia markets mostly rose.
CHINA FACTORIES Asian stocks were still supported by a report released Tuesday showing China's manufacturing unexpectedly improved in September. According to a survey of businesses, new orders and exports increased at a faster rate, although employment fell. Overall, the report helped ease jitters about a deeper slowdown in the world's No. 2 economy.
EUROPE STAGNATES The Ifo business confidence index in Germany, Europe's largest economy, dropped for a fifth month in September. The drop in the index published Wednesday was larger than expected and confirms Europe's economy remains weak. The day before, a closely watched gauge of business activity for the region fell to a nine-month low. The eurozone economy has been flat or barely growing since April, hobbled by the lingering effects of a debt crisis, uncertainty over a conflict in Ukraine and a lack of confidence among consumers, businesses and banks.
THE QUOTE "It's clear now that the Russian sanctions are causing a slowdown in the European economy, particularly manufacturing," said Anastasia Amoroso, a global markets strategist at JPMorgan Funds. "But we see this as a temporary soft patch."
SYRIA Along with bad economic news, investors had geopolitical concerns to worry about. The United States and five Arab nations attacked the Islamic State group's headquarters in eastern Syria in nighttime raids Tuesday. American aircraft as well as Tomahawk cruise missiles launched from Navy ships in the Red Sea and the northern Persian Gulf were used. "Geopolitical risk, which has been simmering in the background, is back to the fore" said a CMC analyst, Desmond Chua. "Helping to limit losses in the equity markets, however, was the continual outperformance of economic indicators, with US manufacturing activity clocking a four-year high," he said. "Better-than-expected Chinese factory day also alleviated concerns that the second largest economy was facing a slowdown."
ENERGY Benchmark United States crude was up 20 cents at $91.76 a barrel in electronic trading on the New York Mercantile Exchange.
CURRENCIES The euro slid to $1.2784 from $1.2841 late Tuesday. The dollar rose to 108.87 yen from 108.80 yen.
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