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U.S. stocks recover as Brexit worries ease

Xinhua, June 29, 2016 Adjust font size:

U.S. stocks traded higher in the morning session on Wednesday, as global markets continued to rebound from previous sharp losses after Britain's vote to leave the European Union (EU).

By noon, the Dow Jones Industrial Average jumped 209.56 points, or 1.20 percent, to 17,619.28. The S&P 500 rose 26.66 points, or 1.31 percent, to 2,062.75. The Nasdaq Composite Index surged 69.26 points, or 1.48 percent, to 4,761.13.

European stocks are more than 2 percent higher Wednesday. The British benchmark FTSE 100 Index has almost completely recovered to pre-vote levels.

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

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 post-Brexit plunge.

Analysts said fears that the stunning referendum results could send global markets on a wild descent have receded.

"Perhaps global markets are waking to fact that the global marketplace is unchanged," said Stephen Guilfoyle, managing director at Deep Value, on Wednesday.

On the economic front, U.S. personal consumption expenditures (PCE) increased 53.5 billion U.S. dollars, or 0.4 percent, in May, the Commerce Department announced Wednesday.

In May, personal income increased 37.1 billion dollars, or 0.2 percent, and disposable personal income increased 33.9 billion dollars, or 0.2 percent.

U.S. stocks closed more than 1.5 percent higher Tuesday, as Wall Street saw an opportunity to buy following two-day sharp selloff after Britain's vote to leave the European Union (EU). Endite