U.S. stocks end higher as upbeat Fed report soothes China jitters

[Zippyjuan]

http://www.marketwatch.com/story/dow...und-2015-09-02

Nasdaq returns to positive territory for the year

U.S. stocks rallied on Wednesday as a Federal Reserve report painted a more optimistic economic picture, soothing worries about the possible impact of the slowdown in China on the U.S.

The Federal Reserve’s Beige Book said several district banks “reported increasing wage pressures caused by labor market tightening” a change from earlier reports that noted higher pay in isolated sectors. But there were also indications that the strong dollar and the drop in oil prices were depressing activity, which could argue for holding off on raising interest rates at the Sept. 16-17 policy meeting.

“If the markets were looking for significant spillover from China or significant deterioration in U.S. economy in latest Beige Book, it’s not there,” said John Canally, chief economist strategist at LPL Financial.

More at link.

Markets hit their low on August 25th.

[jllundqu]

Yeah, we'll see how the DOW looks when China re-opens....

[acptulsa]

Interesting how many creative ways they have to give the Fed the credit for a bunch of bargain hunting after the slide.