Published: Thu, September 7, 2017 @ 12:00 a.m.
Energy companies led U.S. stocks to modest gains Wednesday as the market recouped some of its hefty losses from the day before.
Big retailers and health care companies also helped lift the market, which was coming off its worst day in almost three weeks.
Utilities and phone companies were the biggest laggards. Some travel booking companies and airlines also fell.
“It’s a little bit of a rebound from the sort of dramatic day yesterday after everybody got back from the long holiday weekend at the end of the summer and refocused on the market,” said Lindsey Bell, investment strategist at CFRA Research. “We’ve seen that through the past year, any time we’ve had some sort of dip, it’s a buying opportunity for investors.”
The market veered higher from the start of regular trading Wednesday and held its course through much of the day. News that President Donald Trump has agreed to a plan to fund the government and increase the nation’s debt limit for three months helped lift the market.
“It reassured the market that Washington is on board with stabilizing its financial responsibilities,” Bell said.
Tuesday’s market jitters over the heated rhetoric between the U.S. and North Korea appeared to ease somewhat Wednesday, even as investors monitored Hurricane Irma.
The mammoth storm, which made its first landfall in the islands of the northeast Caribbean early Wednesday, seemed almost certain to hit the United States by early next week.