US stocks higher after five days of selling
A small rally halted Wall Street’s five-day losing streak today, but a lack of market-moving news and light volume meant there was little conviction behind the gains. Tech stocks, which bore the brunt of the market’s recent selling, regained the most ground.
Even with Federal Reserve chairman Alan Greenspan reiterating his bullish economic outlook on Capitol Hill, many investors seemed to be holding back until next week’s job and payroll reports, which are expected to give a clearer picture of the economic recovery. Only bargain-hunters and a handful of institutional buyers seemed to fuel the advance, analysts said.
