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U.S. stocks steady as Brexit worries ease

Xinhua, July 1, 2016 Adjust font size:

U.S. stocks traded mildly higher on Thursday, the last trading day of the second quarter, as investors shifted their focus from Brexit and markets stabilized after a two-day rally.

At midday, the Dow Jones Industrial Average was up 114.03 points, or 0.64 percent, to 17,808.71. The S&P 500 rose 12.38 points, or 0.60 percent, to 2,083.15. The Nasdaq Composite Index gained 30.35 points, or 0.63 percent, to 4,809.59.

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.

Britain's benchmark FTSE 100 Index completely recovered to pre-vote levels Wednesday.

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 the Brexit.

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

On the economic front, in the week ending June 25, the advance figure for seasonally adjusted initial claims was 268,000, an increase of 1,000 from the previous week's revised level, the U.S. Labor Department said Thursday.

The four-week moving average was 266,750, unchanged from the previous week's revised average, it said. Endit