U.S. stocks rebound in late-session rally paced by Apple, Intel

“The Standard & Poor’s 500 Index closed little changed in whipsaw trading, after a late-afternoon rally paced by Apple Inc. and Intel Corp. offset a selloff in commodity shares driven by anxiety that China’s slowdown will spread,” Joseph Ciolli reports for Bloomberg.

“The Standard & Poor’s 500 Index rose 0.1 percent to 1,923.55 at 4 p.m. in New York, after falling as much as 1.1 percent. The gauge surged 1.3 percent in the final hour to erase a retreat after equities swung between gains and losses,” Ciolli reports. “‘China may become less of a burning issue as the scenario has played out, and as the country gives some indications of managing the economic situation,’ said Richard Sichel, chief investment officer at Philadelphia Trust Co., which oversees $2 billion. ‘As the attention moves away from China and towards earnings season, that could create a better tone for the market.'”

“Alcoa Inc. unofficially kicks off the reporting season after markets close today,” Ciolli reports. “One of the reasons stocks have done well is the propensity of companies to beat analyst predictions when they report results. The S&P 500 climbed an average 2.3 percent over the month following Alcoa’s announcements in 2015. That’s about four times the normal rate of return for all reporting seasons in data going back to 1993.”

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