NEW YORK, Sept 9 — Wall Street stocks rose early today, extending this week's upswing as investors bet the market has been oversold based on worries over central bank interest rate hikes.
After three weeks of declines, major US indices are on track to snap the losing streak after solid gains the last two sessions that were extending into today. "After such a big decline, it's perfectly normal and healthy to see a market bounce," said Adam Sarhan of 50 Park Investments."And for now, that's exactly what's happening, the market is just bouncing."The broad-based S&P 500 gained 0.8 per cent to 4,037.93, while the tech-rich Nasdaq Composite Index jumped 1.2 per cent to 12,005.62.
Stocks have been under pressure following a series of hawkish comments from Federal Reserve officials that have set the stage for another major interest rate hike later this month.Among individual equities, cloud security company Zscaler shot up more than 16 per cent after reporting a 61 per cent increase in quarterly revenue and projecting a more than 35 per cent increase in annual revenues for its next fiscal year.