“(Reuters) – Stocks rose modestly on Wednesday after days of selling produced a technical rebound and investors were lured by attractive share prices.
Stocks reversed losses on manufacturing data pointing to a slowing in the U.S. economic recovery.
Energy shares were among the best performers, gaining on higher oil prices. Homebuilders also advanced.
The S&P 500 index hit its lowest level on an intraday basis since April 19 after closing below its 50-day moving average for a second straight day on Tuesday.
The benchmark index had fallen for three consecutive sessions, dropping 2 percent over that time, with market internals showing declining stocks outnumbering advancers.
“It’s more of a technical bottom — the constant selling just got exhausted,” said Rick Meckler, president of investment firm LibertyView Capital Management, in New York.”
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