The Dow Jones Industrial Average rose 1.2%; the S&P 500 index added 1.3%; and the Nasdaq Composite gained 1.8%.
The Nasdaq has just gone through two difficult months since it hit a record high in November, as investors have been dumping tech stocks on expectations the Federal Reserve will aggressively raise interest rates to curb inflation.
Recovering somewhat from Wednesday’s selloff, Firms such as Microsoft, Alphabet (Google), Amazon, Tesla or Meta Platforms (Facebook) earned up to 3.8%.
The consumer discretionary, technology and communication services sectors of the S&P500 were the biggest gainers on the benchmark.
“We’ve done a lot of damage in a short period of time and that tends to cause a reflexive rebound. It won’t take much for the bargain hunters to come out and turn this around a bit.” said Art Hogan, chief strategist at National Securities in New York.
Netflix, which will kick off the earnings campaign for large growth companies after the markets close, improved 1.4%.
Wall Street will be watching your results to see if companies have started recruiting enough new customers to justify spending big on online programming in 2022.
An insurance industry benchmark such as Travelers Companies gained 5.2% after reporting a record quarterly profit, while American Airlines fell 0.1% despite posting a smaller loss in the fourth quarter.
Source From: Ambito
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