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Stocks Resume Recovery

The S&P 500 rose Thursday following a dismal day for the major averages after the Federal Reserve held steady on rates but signaled that a March cut is unlikely.

The Dow Jones Industrials soared 214.37 points to 38,364.37.

The S&P 500 index recouped 39.49 points to 4,885,14.

The NASDAQ index climbed 129.33 points to 15,293.34.

Investors also parsed a fresh batch of quarterly earnings. Shares of conglomerate Honeywell sank nearly 4% after fourth-quarter revenue results missed analyst forecasts. Stock in chipmaker Qualcomm pulled back 4% after lower-than-expected revenue guidance overshadowed a first-quarter earnings beat.

Wall Street is coming off a poor session. The Dow fell 317 points, or 0.8%, posting its worst day since December. The S&P 500 slid 1.6% on Wednesday in its worst day since September. The NASDAQ Composite lost 2.2%, its worst session since October.

Those losses come after Fed Chair Jerome Powell in his post-meeting conference discouraged investor hopes for a rate cut as soon as March, sending equities tumbling.

Prices for the 10-year Treasury strengthened, lowering yields to 3.85% from Wednesday’s 3.93%. Treasury prices and yields move in opposite directions.

Oil prices rebounded 69 cents to $76.54 U.S. a barrel.

Gold prices regrouped $10.90 to $2,078.30.

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