U.S. stocks closed higher Wednesday on low volume as Wall Street looked beyond a weak reading on the U.S. services sector and overseas debt issues and interest-rate hikes
“The market seems to be bouncing in an upward direction now. We’re still in a bull market, but there are some head winds,” said Stuart Freeman, chief equity strategist at Wells Fargo Advisors.
The end of the Federal Reserve’s massive bond-buying purchases, along with the price of oil, were among the head winds Freeman cited.
The Dow Jones Industrial AverageDJIA +0.45% closed up 56.15 points, or 0.5%, at 12,626.02, with 19 of its 30 components rising.
On Tuesday, the blue-chip index lost 12.9 points, or 0.1%, for its first drop in six consecutive sessions.
“We had a pullback, so investors are buying stocks that came off 8% or pulled back,” said Freeman of the retreat that preceded last week’s winning stretch.
“Buying the dip is back in vogue. The overseas debt issues and the slightly weaker than expected ISM services index brought the averages down but they didn’t stay down,” said Elliot Spar, market strategist at Stifel, Nicolaus & C
Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 12,626.02 |
|---|---|
| Trade Time: | 4:01PM EDT |
| Change: |  56.15 (0.45%) |
| Prev Close: | 12,569.87 |
|---|---|
| Open: | 12,562.47 |
| Day's Range: | 12,539.21 -12,643.24 |
| 52wk Range: | 9,716.38 -12,928.50 |
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