U.S. stocks advance with tech, financials companies leading the way higher.
U.S. stocks rebounded Thursday, with shares of technology and financials companies leading the market higher after a volatile end to Wednesday’s session.
All of Wall Street’s major indexes finished in positive territory. The large-cap S&P 500 Index (NYSEARCA:SPY) gained 0.6% to close at 2,716.31, with the majority of sectors trading in the green. Shares of telecommunications companies rose more than 2%, financials added 0.9% and information technology finished 1% higher.
Dow industrials (NYSEARCA:DIA) jumped 98.46 points, or 0.4%, to close at 24,216.05.
The technology-heavy Nasdaq Composite Index finished 0.8% higher at 7,503.68..
The Chicago Board Options Exchange (CBOE) Volatility Index declined on Thursday as calm returned to the market. The so-called “fear index” touched a session low of 16.70 after spiking to three-and-a-half month highs earlier in the week. It would later settle at 16.91, having declined more than 5% from the previous close.
In economic data, U.S. first-quarter gross domestic product (GDP) was revised down again on Thursday, a sign the world’s largest economy began the year on a softer note. First-quarter GDP was revised down to reflect annualized growth of 2% compared with the previous estimate of 2.2%.
Separately, the Department of Labor said initial jobless claims rose by 9,000 last week to a seasonally adjusted annual rate of 227,000.
The Final Word: Stocks are looking to regain their poise after a week of volatile moves. Markets are gearing up for another strong earnings quarter, which may offset some of the concern stemming from Washington’s trade policies.