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U.S. stocks close up as Brexit worries ease

Xinhua, June 30, 2016 Adjust font size:

U.S. stocks closed more than 1.5 percent higher Wednesday, helped by gains in oil prices, as global markets continued to rebound from previous sharp losses after Britain's vote to leave the European Union (EU).

The Dow Jones Industrial Average jumped 284.96 points, or 1.64 percent, to 17,694.68. The S&P 500 rose 34.66 points, or 1.70 percent, to 2,070.75. The Nasdaq Composite Index surged 87.38 points, or 1.86 percent, to 4,779.25.

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.

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

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.

"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.

The West Texas Intermediate for August delivery gained 2.03 U.S. dollars on Wednesday to settle at 49.88 dollars a barrel on the New York Mercantile Exchange.

Overseas, European equities continued to recover on Wednesday. German benchmark DAX index at Frankfurt Stock Exchange closed at 9,612.27 points, while the British benchmark FTSE 100 Index rose by 3.58 percent. The British benchmark FTSE 100 Index has completely recovered to pre-vote levels.

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). Enditem