Stocks advance for first time in four days
Traders work on the floor of the NYSE in Manhattan Monday. (Jan. 27, 2014) Credit: Getty Images
Investors' jitters over emerging markets faded Tuesday and U.S. stocks rose for the first time in four days.
The Standard & Poor's 500 index rose 0.61 percent to 1,792.50. The Dow Jones industrial average gained 90.68 points to close at 15,928.56. The Nasdaq composite climbed 0.35 percent to 4,097.96.
Global stock markets stabilized after three turbulent days when investors grew worried about slower growth in China and other developing economies. The sell-off began last Thursday, when a survey for January showed that Chinese manufacturing was set to contract, dragging down stocks in Asia, Europe and the United States. The slide continued on Friday as currencies in countries including Argentina and Turkey slumped. On Monday, Asian markets dropped, although the selling on Wall Street eased.
By Tuesday, though, global markets regained their calm. In the United States, earnings gains from big companies, including Pfizer, Comcast and D.R. Horton, helped lift stock indexes.
The stock market has fallen 3 percent in January. In 2013 the market rose 5 percent in the first month, on its way to a 30 percent rise for the year, climbing to record levels. -- AP
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