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US Stocks move into positive territory

FXStreet (Mumbai) - After a weak opening, stock markets in the US have moved into a positive territory, with major indices posting modest gains.

At the time of writing, the S&P 500 is up 0.15%, while the NASDAQ is up 0.33%. Meanwhile, the DJIA is trading more or less unchanged. The initial weakness in the indices was mainly triggered by renewed concerns regarding a slowdown in the manufacturing activity in the China and the Eurozone.

However, stock markets in the US rebounded on some upbeat macro data. The National Association of Realtors’ report showed an unexpected increase in existing home sales in the month of October. Existing home sales climbed 1.5 percent to a seasonally adjusted annual rate of 5.26 million in October from an upwardly revised 5.18 million in September. Meanwhile, the Philadelphia Federal Reserve reported its manufacturing index at a twenty-year high in November.

Energy stocks are showing signs of strength, most of which is likely to be a corrective move. Other major sectors are showing modest strength. Gold stocks are seeing some rally, which has pushed the NYSE Gold bugs index up by 2%.

Elsewhere in Europe, the Dax and the Ftse are trading 0.14% and 0.37% lower respectively. The French CAC 40 Index has tumbled by 1.1%.

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