A rapid return to calm was also evident in the Cboe Volatility Index, or Wall Street's "fear gauge," which has retreated from last week’s four-year highs at a record pace. — AFP
NEW YORK: Hopes for an economic soft landing are once again powering US stocks higher, as encouraging data relieve recession worries following a brutal sell-off earlier this month.
The S&P 500 has rebounded more than 6% since Aug. 5, when a steep drop pushed the benchmark US index to its biggest three-day slide in over two years. A rapid return to calm was also evident in the Cboe Volatility Index, or Wall Street's "fear gauge," which has retreated from last week’s four-year highs at a record pace.
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