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Wall St closes mixed to end volatile week

United States stocks closed mixed as global markets struggled to recover one session after recording steep declines in the wake of hints that the Federal Reserve could soon begin tapering its stimulus spending program and worrisome Chinese data.
By · 24 Jun 2013
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24 Jun 2013
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United States stocks closed mixed as global markets struggled to recover one session after recording steep declines in the wake of hints that the Federal Reserve could soon begin tapering its stimulus spending program and worrisome Chinese data.

At the US market close, the Dow Jones Industrial Average was up 41.08 points, or 0.28%, to 14,799.40 points.

In the two prior sessions the Dow fell a combined 560 points, marking its largest two-session fall since November 2011.

The broad-based S&P 500 closed up 4.24 points, or 0.27%, to 1,592.43 points.

The tech-rich Nasdaq Composite Index slipped 7.39 points, or 0.22%, to 3,357.25 points.

US markets had begun the session in modest positive territory before losing gains to fall lower. They later partially stablised, but the Nasdaq remained in loss territory.

The 10-year US Treasury notes saw their yield hit a near two-year high of 2.516%, while gold neared three-year lows before mounting a slight recovery, up 0.5% to $US1,292.70 an ounce.

On Thursday, the US indices each tumbled by 2.3% or more. There were sharp declines in markets in China, France, Britain and elsewhere. Gold prices shed 6.5% and oil futures sank nearly $4.

Thursday's turbulence followed news that the Federal Reserve is close to tapering its bond-buying program. Markets are also jittery about the Chinese economy and the state of Chinese credit markets.

"The story is the broader market and how negatively it has reacted since the Fed decision on Wednesday," said Briefing.com analyst Patrick O'Hare.

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