The US stocks turned up in the late trading on Thursday. The stocks were pressured by the three year low services index ISM indicating for a recession in the service sector. The market optimism was however back after the expectation of a growing Federal Reserve rate cut.
For example the UBS portfolio manger said in the Bloomberg Market Closing – program that the bank expects two more Fed rate cuts in order to mitigate the recession and to boost the economy.
Dow Jones index closed up 0,35 % to 26169 points, the S&P 500 -index closed up 0,81 % to 2910 points and the tech-index Nasdaq closed up 1,12 % to 7872 points.
The global recession question was also in the UK, where the service sector was showing a downturn in September.