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Stocks Shine Day After Big Losses

The Dow Jones Industrial Average rose Thursday as stocks recover from a dismal day for the major averages after the Federal Reserve held steady on rates but signaled that a March cut is unlikely.

The blue-chip index popped 369.54 points, or 1%, to 38,519.84.

The S&P 500 index recouped 60.54 points, or 1.3%, to 4,906.19.

The NASDAQ index climbed 197.63 points, or 1.3%, to 15,361.64.

Earnings returned to the forefront with three of the so-called Magnificent Seven reporting results after the market close. Stock in iPhone maker Apple ticked up more than 1%, helping lift the broader S&P 500. Shares of e-commerce giant Amazon climbed more than 2%, while Facebook-parent Meta gained nearly 2%.

Ahead of the market open, pharmaceutical company Merck turned in a fourth-quarter beat, which helped prop up the Dow, as its shares climbed more than 4%.

Wall Street was 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.

Investors will now turn their attention to the first jobs report of the year due out Friday morning.

Prices for the 10-year Treasury strengthened, lowering yields to 3.88% from Wednesday’s 3.93%. Treasury prices and yields move in opposite directions.

Oil prices lost $2.01 to $73.84 U.S. a barrel.

Gold prices regrouped $5.30 to $2,072.70.

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