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Stocks popped Thursday thanks to strong gains in mega-cap tech names, as investors continued to look for signs of progress on the global trade front.
The Dow Jones Industrials soared 486.65 points, or 1.2%, to 40,093.22
The S&P index climbed 108.92 points, or 2%, to 5,484.78
The NASDAQ Composite popped 457.99 points, or 2.7%, to 17,166.04
Shares of Nvidia, Meta, Amazon, Tesla and Microsoft each traded higher. Tech has been rocked recently as the White House’s increasingly confrontational trade stance, particularly against China, dents sentiment on the sector.
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The S&P 500 has slipped 3.5% since April 2, the day Trump announced his new policy on U.S. imports. Since then, the Dow has declined 5.3%, while the NASDAQ has lost 2.8%.
China said overnight that there were no trade talks taking place with the U.S., with Ministry of Commerce spokesperson He Yadong adding that “all sayings” regarding progress on bilateral talks should be dismissed. He also called for the cancelation of “unilateral” tariffs.
Those remarks came after President Donald Trump said he is willing to take a less confrontational approach toward trade talks with Beijing. Further, Treasury Secretary Scott Bessent said Wednesday that the U.S. has the “opportunity for a big deal” on trade. Chinese imports are subject to a U.S. tariff of 145%.
Prices for the 10-year Treasury gained ground Thursday, lowering yields to 4.31% from Wednesday’s 4.38%. Treasury prices and yields in opposite directions.
Oil prices jumped 38 cents to $62.65 U.S. a barrel.
Prices for gold jumped $62.00 to $3,342.90 U.S.
Indexes Hike, Fueled by Tech Gains