Stocks experienced a rebound on Thursday, as the S&P 500 recovered from its largest decline since September, reigniting the year-end rally.
The Dow Jones Industrial Average surged by 322.35 points or 0.87% to reach 37,404.35, while the Nasdaq Composite saw a notable increase of 1.26% to reach 14,963.87.
The S&P 500 demonstrated solid growth of 1.03% to reach 4,746.75. This brings the overall market index within 1% of its closing high and 1.5% of its intraday record.
The rise in the S&P 500 was characterized by extensive gains among more than 450 indexed companies. Particularly, Micron Technology stood out as the best performer, soaring by 8.6% after surpassing quarterly expectations and providing optimistic guidance for the current quarter. The broader chip sector also experienced growth, with Intel and Advanced Micro Devices each climbing by 2.9% and 3.3% respectively.
Salesforce emerged as one of the top gainers in the Dow, rising by 2.7% due to an upgrade from Morgan Stanley.
Following recent gains, Wall Street faced a day of losses where investors took advantage of profits. On Wednesday, the Dow and Nasdaq encountered their most negative sessions since October, abruptly ending nine-day winning streaks, while the S&P 500 experienced its worst day since September.
Source (CNBC)
