NEW YORK, Sept. 2 (UPI) — Stock indices recovered in early trading Wednesday after a global selloff Tuesday in reaction to China’s weak manufacturing sector.
After the Dow Jones Industrial Average fell 2.8 percent Tuesday, it recovered 200 points at Wednesday’s opening. The S&P 500 rose 1.1 percent, or 10 percent from its 52-week high; the Nasdaq Composite rose 1.4 percent and the Stoxx Europe 600 was 0.8 percent higher.
The Shanghai Composite, after volatile price swings, closed with a loss of 0.4 percent after losing up to 4.6 percent during trading. The Nikkei closed 0.4 percent and the Hang Seng exchange closed down 1.2 percent.
Crude oil prices also recovered, to above $45.50 per barrel, after closing 7.7 percent lower Tuesday. As of 10:10 a.m., the Dow average was 16,231.46, up 173.11 points, or 0.8 percent, from Tuesday’s close.
Data from payroll processor Automatic Data processing Inc. and forecasters Moody’s Analytics indicated private payrolls in the United States rose more modestly than expected in August. A rise of 200,000 was expected; the data indicated an increase of 190,000 was added to private payrolls. The report precedes a report on non-farm payrolls scheduled for Friday.