/cloudfront-us-east-2.images.arcpublishing.com/reuters/PARWOOTW3VIENKD5GCZHC5QMVI.jpg?w=1068&resize=1068,0&ssl=1 "Wall Street rallies, technicals help market rebound")
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NEW YORK, Oct 13 (Reuters) – U.S. shares ended sharply larger on Thursday as traders pulled again from bearish bets after a disappointing shopper costs report and as technical help helped drive a rebound.
Energy (.SPNY) and financials (.SPSY) led features amongst S&P sectors.
Markets have been sharply decrease earlier within the day after the headline shopper value index rose at an annual tempo of 8.2% in September, in contrast with an estimated 8.1% rise. learn extra
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Core CPI, which excludes unstable meals and gasoline costs, gained 6.6% final month, in contrast with estimates of a 6.5% rise. The studying was larger than a 6.3% rise in August.
“People were perhaps net short going into the CPI report, and saw the report being negative and started covering their shorts,” mentioned King Lip, chief funding strategist at Baker Avenue Asset Management in San Francisco.
Some strategists additionally pointed to some technical help ranges across the 3,500 mark for the S&P 500.
According to preliminary knowledge, the S&P 500 (.SPX) gained 92.38 factors, or 2.58%, to finish at 3,669.41 factors, whereas the Nasdaq Composite (.IXIC) gained 227.30 factors, or 2.18%, to 10,644.40. The Dow Jones Industrial Average (.DJI) rose 829.08 factors, or 2.84%, to 30,039.93.
“It’s technical factors,” Lip mentioned, including that the latest steep selloff in shares might imply “unhealthy news might have already been discounted.
“Going into earnings season, all we actually want is issues to be not as unhealthy as suspected,” he mentioned.
Big Wall Street banks kick off third-quarter reporting season on Friday, with traders awaiting to see how a excessive interest-rate atmosphere impacts their earnings.
Walgreens Boots Alliance Inc (WBA.O) rose following better-than-estimated fourth-quarter outcomes. learn extra
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Additional reporting by Bansari Mayur Kamdar, Ankika Biswas and Shreyashi Sanyal in Bengaluru; Editing by Saumyadeb Chakrabarty, Anil D’Silva, Arun Koyyur and Deepa Babington
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