NEW YORK: Wall Street stocks closed a historically bad quarter on a weak note Tuesday, while European and Asian bourses gained following better Chinese economic data.
“Although stocks settled down this week following several weeks of wild swings, the key trend indicators continue to be bearish, and the benchmarks might still ‘retest’ their lows in the coming weeks,” warned Gorilla Trades strategist Ken Berman. China’s Purchasing Managers’ Index, a key gauge of factory activity, jumped to 52.0 from a record low 35.7 the month before.“Chinese factory data overnight gave a flicker of hope that the world’s second-largest economy is firing back up, despite large parts of the world grinding to a halt,” said City Index analyst Fiona Cincotta.
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