You are here

US: Stocks rebound from weekly slide as Brexit concern eases

[WASHINGTON] US stocks surged, with the S&P 500 Index jumping the most in four weeks, after the latest polls showed the UK campaign to remain in the European Union is gaining ground before Thursday's referendum.

The S&P 500 climbed 1.2 per cent to 2,095.60 at 9.56 am in New York, after losing 1.2 per cent last week. The Dow Jones Industrial Average rallied 232.64 points, or 1.3 per cent, on pace for the strongest gain in more than three months. The Nasdaq Composite Index increased 1.3 per cent, rebounding from the lowest since May 23.

A poll published over the weekend showed 45 percent of voters supported the 'Remain' camp, while 42 per cent were in favor of a so-called Brexit - a turnaround from early last week, when a slew of surveys put the latter group ahead. Odds at betting shops also suggested dwindling support for the 'Leave' camp following Thursday's murder of UK lawmaker Jo Cox, who backed staying in the EU.

BLOOMBERG