Dip Buying Fuels Stock Gains as Tech Rebounds: Markets Wrap
(Bloomberg) — The crowd of dip buyers returned to equity markets amid speculation that the worst selloff since May had gone too far.
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Stocks extended gains as technology shares rebounded, though the advance in the S&P 500 was led by defensive industries like utilities and consumer staples. The dollar rose to the highest level since November 2020, while Treasuries fluctuated.
Federal Reserve Chair Jerome Powell and his counterparts at the European Central Bank, Bank of Japan and Bank of England voiced cautious optimism Wednesday that supply-chain disruptions lifting inflation rates around the world would ultimately prove temporary. Traders remained alert to the potential for market disruption should politicians in Washington fail to raise the debt-ceiling in time to avoid a default on U.S. obligations.
“Dip buyers are out in force boosting stocks,” said Fiona Cincotta, senior financial-markets analyst at City…
