US stocks bounced back from a five-day losing streak on Thursday (16 June), with the Dow Jones reversing an earlier triple-digit loss to end moderately higher. The major averages came off session lows after selling in the pound sterling eased against the US dollar.
Prime Minister David Cameron tweeted that all Brexit campaigning would be suspended in wake of the news of Labour MP Jo Cox's death in a shooting, which some speculated could give the "remain" campaign a boost. "Civility took over and the debate over Brexit stopped for a period of time," noted Art Hogan, chief market strategist at Wunderlich Securities, to CNBC.
The Dow Jones came off an earlier loss of nearly 169 points to close with a gain of 92.93 points, or 0.5%, at 17,733.10. Gains were led by a 2.5% rise in Merck & Co Inc shares and a 1.27% rise in 3M Co stocks.
The S&P 500 surged 6.50 points, or 0.3%, to settle at 2,078. The index had traded as low as 2,050.27 earlier in the session, MarketWatch noted. The telecoms sector (up 0.8%) led gains as nine of the index's 10 major sectors closed in positive territory. Meanwhile, the Nasdaq Composite rose 9.98 points, or 0.2%, to close at 4,844.91.
The major indexes secured gains despite oil futures hitting a five-week low, weighing down energy. US crude oil futures dropped $1.80 (£1.27;€1.60), or 3.75%, at $46.21 (£32.49;€41.13) a barrel.
The US dollar was little changed, with the euro by $1.123 and the yen 103.58 yen against the greenback for its strongest level since August 2014. The pound sterling traded higher near $1.422. Gold came off session highs but still settling with gains, with futures for August delivery rising $10.10 (£7.10;€8.99) at $1,298.40 (£912.76;€1,155.73) an ounce.
According to CNBC, Treasury yields traded mostly higher, with the 2-year yield near 0.68% and the 10-year yield near 1.57%.
Overseas, the Bank of Japan did not announce additional monetary stimulus. BOJ Governor Haruhiko Kuroda said the strength in the yen "could have undesirable effects on Japan's economy and future inflation". European markets closed lower, with the STOXX Europe 600 down about 0.72%. A new survey by Ipsos Mori revealed support for a Brexit from the European Union on 23 June has climbed to 53%.