US STOCKS closed sharply higher yesterday as investors looked for bargains among beaten-down shares and the biotechnology index bounced back.
However, the market still registered its worst quarter since 2011.
The Dow Jones industrial average rose 235.57 points, or 1.47 per cent, to 16,284.7, the S&P 500 gained 35.94 points, or 1.91 per cent, to 1,920.03, and the Nasdaq Composite added 102.84 points, or 2.28 per cent, to 4,620.17.
For the quarter, the Dow fell 7.6 per cent, the S&P lost 6.9 per cent and Nasdaq fell 7.4 per cent.
For September, the Dow fell 1.5 per cent while the S&P dropped 2.6 per cent and Nasdaq fell 3.3 per cent.
For much of the third quarter, global markets were rocked by fears of slowing growth in China and uncertainty over timing for a US Federal Reserve hike of interest rates. Biotech had a seven-day selloff kicked off by drug price regulation worries.