DJIA: 34,707.94, up 349.44
S&P 500: 4,520.16, up 63.92
Nasdaq: 14,191.84, up 269.24
Stocks end higher amid strength in Tech
U.S. stocks finished near their best levels on Thursday, extending their recent upward momentum. The Dow added 349 points, while the S&P 500 jumped 1.4%. The Nasdaq Composite rallied 1.9%. Treasuries resumed their rout as a chorus of Federal Reserve speakers continued to voice support for a more aggressive path of rate hikes. The yield on the 10-year note added six basis points (0.06%) to 2.35%. Meanwhile, mortgage rates once again surged in the latest week, with the 30-year rate climbing to its highest level since January 2021.
On the data front, unemployment data continued to highlight a tight labor market. Weekly initial jobless claims fell to 187,000, the lowest level since 1969. Separately, flash readings on U.S. business activity from S&P Global showed growth unexpectedly accelerated in March. The composite purchasing managers’ index (PMI) print hit the highest level in eight months. Separately, durable goods orders contracted for the first time in five months in February. In commodities, WTI crude slid 3.3% to $111.16/barrel as the U.S. and the EU neared a deal aimed at curtailing Europe’s dependence on Russian energy exports.
All 11 S&P 500 sectors finished in positive territory, with Technology pacing the gains amid strength in chipmakers. NVIDIA Corp. jumped 9.8% after pledging to reinvest excess cash into its core business. Additionally, the company said it would explore a manufacturing partnership with Intel Corp, boosting shares 6.9%. Elsewhere, Uber Technologies Inc. climbed nearly 5% after reaching an agreement to list New York City Taxis on their ride-hailing app.
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