DJIA up 368.74 points (Il Sole 24 Ore Radiocor) - New York, 07 Aug - US shares were trading higher as indices continued to rebound from a three-day rout which wiped out most of 2024's market gains and caused the Dow Jones and the S&P 500 to log their worst sessions since September 2022. Stocks tanked on Monday, amid concerns over the health of the US economy after Friday's July jobs report highlighted the labor market's weariness.

After touching 65, its highest level since the beginning of the Covid-19 pandemic, Wall Street's 'fear gauge', the VIX, was down at 22.85.

Helping ease some of the uncertainty, Bank of Japan vice governor Uchida Shinichi said the BoJ will not raise rates if the markets don't stabilise. This come after the BoJ's hawkish pivot caused a major unwind of the yen carry trade that had been used to finance the acquisition of stocks for years.

In 'carry trades', investors borrow money from economies with low interest rates such as Japan or Switzerland, to fund investments in higher-yielding assets, such as stocks, elsewhere.

With little on the macroeconomic front, investors will focus on corporate earnings.

At GMT, the Dow Jones was up 368.74 points, or 0.95%, at 39,366.40 points.

The S&P 500 was 73.65 points, or 1.41%, higher at 5,313.68 points.

The Nasdaq was gaining 268.27 points, or 1.64%, at 16,635.44 points.

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(RADIOCOR) 07-08-24 17:22:51 (0534) 5 NNNN