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Wall Street rebounds from big selloff

Thursday, May 18, 2017 - 01:14

Strong economic data supported the rally one day after U.S. stock indexes suffered their biggest drop this year. Fred Katayama reports.

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Wall Street bounced back Thursday from the biggest selloff of the year. Telecom and consumer stocks led the advance. Some investors were still anxious after reports that President Donald Trump tried to interfere with a probe into the national security adviser's ties with Russia. Supporting the rally: strong economic data. Factory activity in the mid-Atlantic region unexpectedly rose this month, reversing a two-month decline. And the number of Americans filing for jobless benefits unexpectedly fell last week. In corporate news, Wal-Mart topping the day's winners on the Dow. Strong customer traffic and a surge in online sales at the world's largest retailer drove quarterly same store sales higher than expected. Pandora Media shares snapped a three-day losing streak. The New York Post reports the satellite radio company Sirius XM is in talks to acquire the music streaming service. Leading the decliners on the S&P: Cisco Systems. The networking gear maker's revenue outlook for the current quarter widely missed analysts' estimates. European shares fell, dragged down by energy and consumer stocks. Stocks with exposure to Brazil also fell amid bribery allegations against that country's president.

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Wall Street rebounds from big selloff

Thursday, May 18, 2017 - 01:14