Saturday, 27 July 2013 01:48
NEW YORK CITY: US stocks Friday rallied from intraday lows, picking up momentum after a dreary open and ending the day narrowly in the black.
At the closing bell, the Dow Jones Industrial Average rose 1.22 (0.01 percent) to 15,556.83. The Dow sank as low as 15,405.16 earlier in the session.
The broad-based S&P 500 finished 1.38 (0.08 percent) higher at 1,691.63, while the Nasdaq Composite Index put on 7.98 (0.22 percent) at 3,613.16.
Analysts said volume was low as is typical for a Friday in late July. The day was fairly light as far as economic news and corporate earnings results.
Friday's trade once again revealed the "resilience" of equity markets, said David Levy, a portfolio manager at Kenjol Capital Management.
"Buyers are buying the dip," Levy said, calling the dynamic a "very bullish" pattern.Copyright AFP (Agence France-Presse), 2013