Wall Street recovers losses, banks gain

By IBTimes Staff Reporter | July 29 2010 3:08 PM

Stocks recovered earlier losses in choppy trading on Thursday as technology shares cut declines and gains in bank shares helped lift the S&P 500.

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The PHLX Semiconductor index <.SOXX> bounced off a session low near its 200-day moving average of 347.65, a key technical level watched by investors to determine market movement. The index was down 1.4 percent after earlier losing more than 3 percent.

The Dow Jones industrial average <.DJI> edged up 7.12 points, or 0.07 percent, at 10,505.00. The Standard & Poor's 500 Index <.SPX> dipped 0.47 point, or 0.04 percent, to 1,105.66. The Nasdaq Composite Index <.IXIC> added 1.46 points, or 0.06 percent, to 2,266.02.

(Reporting by Leah Schnurr; Editing by Kenneth Barry)