After a severe sell-off following the Federal Reserve’s rate-stability hint that a March rate cut is unlikely, the Dow Jones Industrial Average rebounded on Thursday.
The 30-stock Dow climbed 369.54 points, or 0.97% to close at 38,519.84. The blue-chip index set a new record close and erased its losses from the previous day. At 4,906.19, the S&P 500 gained 1.25%. At 15,361.64 at the end of the session, the Nasdaq Composite gained 1.3%.
Before the market opened, pharmaceutical company Merck reported a fourth-quarter beat, which helped support the Dow. Shares of e-commerce behemoth Amazon rose 2.6%, while Facebook parent Meta gained 1.2%. After the market closed, three of the so-called Magnificent Seven reported results. Apple’s stock increased by more than 1%, supporting the broader S&P 500.
Source (CNBC)
