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U.S. stocks rise after selloff

Xinhua, September 14, 2016 Adjust font size:

U.S. stocks traded higher in the morning session on Wednesday, a day after a steep selloff, as Wall Street still sifted through when the U.S. Federal Reserve would hike interest rate.

By noon, the Dow Jones Industrial Average gained 50.20 points, or 0.28 percent, to 18,116.95. The S&P 500 was up 7.90 points, or 0.37 percent, to 2,134.92. The Nasdaq Composite Index rose 40.76 points, or 0.79 percent, to 5,196.02.

U.S. stocks closed down more than one percent on Tuesday, as investors kept a close eye on falling oil prices and pondered over the timing of next interest rate hike.

Financial markets have been choppy in recent sessions on contrasting remarks by Fed officials before the central bank's policy meeting.

Fed Governor Lael Brainard, a voting member of the central bank's policymaking committee, said in a speech earlier this week that while economic progress continues it would be wise for the Fed to keep monetary policy loose.

Atlanta Fed President Dennis Lockhart, however, said current economic conditions called for a "serious discussion" on rates at the September meeting, media reported.

The Federal Open Market Committee, the Fed's monetary policy arm, is set to meet on Sept. 20-21.

On the economic front, U.S. import prices declined 0.2 percent in August, after ticking up 0.1 percent in July, the Labor Department reported Wednesday. Prices for U.S. exports decreased 0.8 percent in August following a 0.2-percent increase in July. Enditem