Thursday, 27 August 2015

Chinese stocks fall again but US stocks rebound

Chinese stocks fell again on Wednesday, the Shanghai Composite Index ending down 1.3 percent after a rocky session.

However, US stocks finally halted its decline on Wednesday. The S&P 500 jumped 3.9 percent to end its six-day slide.

The rebound came as New York Fed Bank President William Dudley said on Wednesday that the market upheaval has reduced the case for raising rates in September.

Still, the market may face more turbulence ahead.

Tom Manning, chief investment officer at Boston Private Wealth, was quoted by Bloomberg as saying: “I don’t know that we found the bottom. I’m not convinced we don’t have more negative days to follow. We’re not likely to go from extreme volatility to extreme calm overnight.”

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