The S&P 500 rose on Thursday as Wall Street attempted to recover from the index’s worst session since 2022.
The Dow Jones Industrials soared 389.04 points, or 1%, to 40,242.91, led to the upside by a 4% jump in IBM.
The S&P 500 index recovered 31.87 points to 5,458.59.
The NASDAQ climbed out into plus territory 64.43 points to 17,406.84.
Advanced Micro Devices lost 2%, while mega-cap stocks Meta Platforms, Microsoft and Alphabet fell about 1% each.
Ford Motor shares tumbled 16% and headed for their worst day since 2009 after second-quarter earnings came in much lower than analysts expected. Chipotle slipped 3% despite topping earnings and revenue expectations, while ServiceNow popped 13% on stronger-than-expected earnings and headed for its best day since 2016.
Investors also assessed a second-quarter GDP report that showed the economy grow 2.8%, and much more than expected. Economists surveyed by Dow Jones had anticipated growth of 2.1%.
Wednesday’s trading session saw intense declines for the S&P 500 and the NASDAQ, driven by disappointing quarterly reports from Alphabet and Tesla. Both the broad-market index and the tech-heavy benchmark posted their worst session since 2022, while the Dow shed roughly
504 points.
Investors have come to view the recent declines as a sign of an overdue correction in an overbought market, which is now seeing a rotation away from mega-cap tech into small-cap stocks and more cyclical areas.
Prices for the 10-year Treasury popped, lowering yields to 4.24% from Wednesday’s 4.28%. Treasury prices and yields move in opposite directions.
Oil prices recovered 58 cents at $78.17 U.S. a barrel.
Gold prices scaled back $55.20 to $2,360.50
