New York Report: Shares bounce back in the US

US STOCKS rose yesterday, snapping a three-day losing streak as investors bought beaten-down social media and internet shares.

The day’s biggest gainers included Amazon, up 2.9 per cent, Yahoo, up 2.3 per cent, and LinkedIn, up 5.9 per cent.

The Global X social media index rose 2.4 per cent to close at 18.50.

But gains in the Dow Jones industrial average were capped by a decline in bank stocks. Goldman Sachs fell 1.3 per cent, and JP Morgan Chase slipped 0.3 per cent.

The Dow Jones industrial average rose 10.27 points or 0.06 per cent, to end at 16,256.14. The S&P 500 gained 6.92 points or 0.38 per cent, to finish at 1,851.96. The Nasdaq Composite added 33.234 points or 0.81 per cent, to close at 4,112.986.

Yesterday’s advance followed the S&P’s biggest three-day retreat since late January and the Nasdaq’s steepest three-day drop since late 2011.