The major stock indexes rebounded Thursday as a rally in some of Wall Street’s largest technology names carried the Nasdaq Composite to an all-time high at the start of the corporate earnings season.
The Dow Jones Industrials catapulted 224.44 points higher to 24,924.89, with Cisco Systems and Intel as the best-performing stocks in the index
The S&P 500 spiked 24.27 points to 2,798.29, with tech and industrials outperforming.
The NASDAQ climbed 107.31 points, or 1.4%, to 7,823.92, as Facebook and Amazon, both reached all-time highs. Microsoft and Alphabet also hit intraday records. Netflix did not participate in the broad tech rally, however, falling more than 1%
Investors also shifted their focus toward earnings and data, taking a breather from trade war concerns. On the earnings front, Delta Air Lines reported better-than-expected quarterly results. Wall Street expects strong numbers from Corporate America, with experts forecasting 20% earnings growth for the second quarter.
Economically speaking, U.S. weekly jobless claims fell to 214,000 last week and the consumer price index rose at its fastest pace in six years.
Overseas, the Chinese commerce ministry said Thursday that China has not been in touch with the U.S. about restarting trade talks, but noted that China does not want a trade war. A spokesman for the ministry said, however, China does not fear a trade war.
Prices for the benchmark for the 10-year U.S.Treasury eased backward, raising yields to 2.85% from Wednesday 2.84%. Treasury prices and yields move in opposite directions.
Oil prices let go of 15 cents to $70.23U.S. a barrel.
Gold prices gained $2.60 to $1,247.00U.S. an ounce.
This article provided by NewsEdge.