TH: Market rebounds as dollar falls; Dow jumps 129
NEW YORK -- A decline in the dollar helped fuel a market rebound on Wednesday that nearly erased a big-sell off the day before brought on by fears of a slowdown in China.
Stocks had fallen more than 1 percent Tuesday after a surprise interest rate increase in China, the first time the country had raised rates in nearly three years. That made some traders concerned that slower growth in China might put a drag on the global economy.
Some of those concerns were erased after the Shanghai Composite Index, China's main stock market benchmark, rose slightly in overnight trading. Those gains "helped create a more constructive tone for the trade this morning," said Nick Kalivas, an equity analyst for MF Global.
After the bell, West Coast technology companies Netflix Inc. and eBay Inc. reported stronger than expected revenues. Shares of both companies were up more than 6 percent in after-market trading. The strong results could help shift sentiment in favor of technology companies, which took a beating Tuesday after earnings from Apple Inc. and IBM Corp. didn't live up to investors' high expectations.
