Stocks Close Higher After Whipsawing Investors: Markets Wrap
- IBM, P&G results push consumer staples, info tech into green
- Yen slids after the Bank of Japan cut its inflation outlook
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Stocks closed higher after whipsawing investors through the day amid the ongoing debate over the outlook for global growth. The dollar’s six-day rally stalled and crude oil dropped after an earlier increase.
The S&P 500, Dow and Nasdaq all turned green in the last hours of trading. Stock had initially rallied in the wake of a spate of better-than-forecast quarterly earnings from IBM, Procter & Gamble and United Technologies before dropping into the red. White House Council of Economic Advisers Chairman Kevin Hassett said that if the partial government shutdown extends through March, there’s a chance of zero economic expansion this quarter, though “humongous” growth would follow once federal agencies reopen.