Key indicators opened in Wall Street Tech stocks and growth-related companies rebounded on Wednesday, while an unexpected drop in private sector jobs data and a drop in oil prices helped calm some inflation concerns.
The Dow Jones Industrial Average rose 36.28 points, or 0.11%, to 31,827.15 points.
The Standard & Poor’s 500 index rose 14.51 points, or 0.36%, to 4000.67 points, according to Archyde.com.
The Nasdaq Composite Index increased 89.42 points, or 0.75%, to 11972.56 points at the open.
In an interview with Al Arabiya, Majd Dawla, director of equity investments at First Abu Dhabi Bank, said that the market witnessed profit-taking operations in July, and then announced inflation data that showed a slowdown, and therefore the Fed does not have to raise interest rates sharply to curb inflation.
Dole added that the Standard & Poor’s 500 Index reaching a level below 3800 points, may be a good start for entry.
He pointed out that if the index continued to decline near 3600 points, it may also be an opportunity to enter the markets if no economic information changes.