Wall Street stocks rebounded from their worst day since October, as easing volatility reduced the pressure on hedge funds to keep closing out positions.
The blue-chip S&P 500 rose 1 per cent in New York on Thursday, having slipped 2.6 per cent on Wednesday after hedge funds rapidly unwound trades in the midst of a dramatic jump in volatility that had been fuelled by a rapid rally in stocks targeted by Reddit users.
The tech-heavy Nasdaq Composite rose 0.5 per cent and the Dow Jones Industrial Average moved 1 per cent higher, clawing back from dips of 2.6 per cent and 2.1 per cent, respectively.
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