Dow snapped an eight-day losing streak Wednesday. But the gains lacked conviction as worries about the state of the global economy continued to weigh on investors’ minds. The Dow gained about 29 points, or .3%, to close at about 11,896.21. The S&P 500 managed to move back into positive territory for the year, albeit barely, gaining 6 points, or 0.5%, to close at 1,260.38. The tech-heavy Nasdaq also managed to eke out gains and remains up 1.5% for the year after gaining 24 points, or 0.9%, to 2,693.07.
Investors remain spooked by a series of weak economic reports as they put the debt ceiling worries behind them and look ahead to Friday’s all-important monthly jobs report. A report from outplacement firm Challenger, Gray & Christmas on Wednesday showed planned layoffs at a 16-month high. The spate of bad news is creating a heightened sense of worry that the global recovery could stall.
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