9 Jun 2009

Late bounce by Wall Street

8:48 am on 9 June 2009

Stocks in the United States rebounded late on Monday to end flat.

All three major indexes fell by more than 1% before rallying in the last hour of trading.

Financial stocks led the rebound, with JP Morgan Chase & Co up 2.4% at $US35.39.

However, McDonald's was down after announcing that domestic sales in May sales at restaurants open at least 13 months, rose 2.8% compared to 6.1% growth in the previous month. The stock lost 1.9% to $US58.72.

Apple shares slid 0.6% to $US143.85 after the company cut the price on its base model 8-gibabyte iPhone. Earlier, Apple unveiled a cheaper Mac notebook.

The Dow Jones industrial average gained 1.36 points, or 0.02%, to 8,764.49.

Standard & Poor's 500 Index dropped 0.95 of a point, or 0.1%, to 939.14. The Nasdaq Composite Index dropped 7.02 points, or 0.38%, to 1,842.40.

Trading volume was low on the New York Stock Exchange, with about 1.08 billion shares changing hands - well below last year's estimated daily average of 1.49 billion.

About 1.99 billion shares were traded on the Nasdaq - below last year's daily average of 2.28 billion.