On Thursday, the S&P 500 experienced a rise, primarily driven by gains in the technology sector, as the market aimed to recover from a recent losing streak. The broad market index saw a 0.4% increase, while the Nasdaq Composite surged by nearly 1%. However, the Dow Jones Industrial Average performed less favorably, losing 108 points or 0.3%.
Amidst these developments, Apple shares experienced a 2% uptick following an upgrade from Bank of America, which predicted more than 20% growth in the stock within the next year. The Technology Select Sector SPDR Fund (XLK) also recorded a 1% gain.
During the previous session, the major averages on Wall Street experienced losses as Treasury yields rose. The Dow dropped by 0.25%, marking its third consecutive loss, while the S&P 500 and Nasdaq Composite both fell for a second straight day.
Additionally, on Thursday, the 10-year Treasury yield slightly surpassed 4.1% due to the release of fresh jobs data, which indicated a sustained tightness in the labor market. According to the Labor Department’s report on Thursday, initial filings for unemployment insurance dropped by 16,000 to 187,000 for the week ending January 13. This figure exceeded economists’ consensus estimate of 208,000.
Source (CNBC)
