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US stocks storm back from rout to close higher

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Dip buyers flooded into the market in afternoon trade, fully reversing an earlier 4 per cent drop in the S&P 500.

| A stock sell-off that at one point rivalled any of the last two years was all but wiped out as dip buyers emerged by the close, the latest breathtaking reversal in markets rattled by geopolitical tensions and the Federal Reserve’s campaign against inflation.P 500 rebounded after tumbling as much as 4 per cent earlier in the day. Retail, energy and industrial companies led gains in the benchmark gauge.In New York: BHP -0.6% Rio -1.5% Atlassian +6.1%Alphabet +0.2% Netflix- 2.

Speculators who scrapped bullish bets on the dollar at the fastest pace in more than 18 months are now missing out on the currency’s rally ahead of the Fed decision on Wednesday.

 

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US stocks plunge in choppy tradingGlobal equity markets tumbled, with the S&P 500 poised to enter correction territory. ASX futures fell 235 points or 3.3 per cent to 6817 as of 4.03am AEDT. Follow updates here.
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