Off the wire
• Alcohol adverts shown once a minute at Euro 2016  • Iraq's federal court nullifies two controversial parliament sessions  • Cameron wants "constructive" exit process with EU  • China Exclusive: China's first regional jet starts commercial operation  • Reform fundamental driving force for China's economy: premier  • Roundup: Kenya bets on ICT to hasten agriculture modernization  • S. African Constitutional Court accepts report on Nkandla payment  • China, ROK pledge to strengthen relations  • New rules to hold Party officials accountable for breach of duty  • Two more bodies of CASA aircraft crew found: ministry  
You are here: 　 Home

U.S. stocks open higher after Brexit-related selloff

Xinhua, June 28, 2016 Adjust font size:

U.S. stocks opened higher on Tuesday, as investors saw an opportunity to buy following two-day sharp selloff after Britain's vote to leave the European Union (EU).

Shortly after the opening bell, the Dow Jones Industrial Average jumped 145.39 points, or 0.85 percent, to 17,285.63. The S&P 500 rose 18.20 points, or 0.91 percent, to 2,018.74. The Nasdaq Composite Index surged 54.03 points, or 1.18 percent, to 4,648.47.

"The first wave of Brexit selling in equities is over as European markets rebounded more than 2 percent today," said Chris Low, chief economist at FTN Financial, Tuesday.

The Leave camp won Britain's Brexit referendum last week by winning nearly 52 percent of the ballots, pulling the country out of the 28-nation European Union (EU) after its 43-year membership.

The stunning referendum results sent global markets on a wild descent, and were seen by many economists as a threat to global economic stability.

Markets showed a sign of recovery Tuesday across the globe after a record 3 trillion U.S. dollars in market capitalization was wipe off in the last two trading days.

On the economic front, U.S. real gross domestic product (GDP) increased at an annual rate of 1.1 percent in the first quarter of 2016, higher than the prior estimate of 0.8 percent, according to the third estimate released by the Commerce Department Tuesday.

U.S. stocks closed lower on Monday, extending Friday's decline. The S&P 500 dropped more than 2 percent in the morning session, below the psychologically key 2,000 level for the first time since March. Endi