U.S. stocks charged higher Thursday, led by a rebound across technology stocks, as investors attempted to salvage the last two trading days of a brutal year for markets.
The S&P 500 (^GSPC) gained 1.7%, snapping two days of losses, while the Dow Jones Industrial Average (^DJI) jumped nearly 350 points, or 1.1%. The technology-heavy Nasdaq Composite (^IXIC) surged 2.6%. The moves come after all three major averages erased more than 1% in the previous trading session.
S&P 500 (^GSPC)
View quote details
SNP – Delayed Quote (USD)
3,849.28+66.06(1.75%)
At close: 4:00PM EST
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Megacap tech giants Apple (AAPL), Amazon (AMZN), and Alphabet (GOOG, GOOGL) all clawed nearly 3% higher, helping lift the broader market after a sell-off over the past two days. The risk-off trade this week saw Apple fall below the key technical $130 level and Amazon become the third of FAANG+ stocks — along with Meta (META) and Netflix (NFLX) — to erase its pandemic gains and close below its March 2020 COVID crash low on Tuesday.
On Thursday, Apple, Amazon, and Alphabet each advanced around 2.8%.
Netflix (NFLX) rallied 5.1%, rising from a seven-week low, on the heels of a two-step upgrade by CFRA analyst Kenneth Leon to Buy from Sell.
Investors continued to watch a rebound in Tesla (TSLA) after the stock snapped a seven-day losing streak Wednesday after a multi-session selling spree over concerns around the shutdown at its factory in China. Shares rose nearly 8.1% Thursday.
Electric vehicle peers Rivian (RIVN), Lucid (LCID), and Nio (NIO) all recovered alongside Tesla after electric carmakers were under pressure all week.
Tesla, Inc. (TSLA)
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NasdaqGS – Nasdaq Real Time Price (USD)
121.82+9.11(8.08%)
At close: 4:00PM EST
121.88 +0.06 (+0.05%)
After hours: 4:12PM EST
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Cal-Maine Foods (CALM) shares sank 14.5%, even as the egg producer reported fiscal second-quarter earnings beat analyst estimates, with revenue jumping 110% over last year as inflation and the bird flu pushed up egg prices.
Elsewhere on Thursday, biotech company Kala Pharmaceuticals (KALA) spiked 99%, extending a surge after the stock quadrupled Wednesday following the Food and Drug Administration’s acceptance of the company’s investigational new drug application for treatment of persistent corneal epithelial defect.
Symbol Last Price Change % Change
^DJI
Dow Jones Industrial Average
33,220.80 +345.09 +1.05%
^GSPC
S&P 500
3,849.28 +66.06 +1.75%
^IXIC
NASDAQ Composite
10,478.09 +264.80 +2.59%
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