NEW YORK, New York – U.S. stocks rallied on Thursday, with technology stocks leading the rebound.
“The market is on pins and needles waiting to find out if inflation will come down and give us some respite from the Fed rate hike regimen. That’s why we have this choppiness. It’s a period of great uncertainty,” Barry Bannister, Stifel chief equity strategist, told CNBC Thursday.
The Nasdaq Composite did best, percentage-wise, accelerating 322.44 points or 2.69 percent to 12,316.90.
The Standard and Poor’s 500 gained 75.59 points or 1.84 percent to 4,176.82
The Dow Jones industrials added 435.38 points or 1.33 percent to 33,245.61.
The Standard and Poor’s 500 gained 75.59 points or 1.84 percent to 4,176.82.
The U.S. dollar cratered, with sustained moves by currencies across the board, particularly in the dollar bloc.
The euro jumped to 1.0742 by the New York close Thursday. The British pound strengthened to 1.2569. The Japanese yen was notionally higher at129.86. The Swiss franc firmed to 0.9577.
The Canadian, Australian, and New Zealand dollars were sharply higher, at 1.2575, 0.7266, and 0.6603 respectively.
Overseas equity markets almost all finished Thursday in the red. In London, the FTSE 100 lost 0.98 percent. The German Dax fell 1.01 percent. The CAC 40 was off 1.27 percent.
In Japan, the Nikkei 225 dipped 44.01 points or 0.16 percent to 27,413.88.
The Australian All Ordinaries dropped 62.10 points 0.83 percent to 7,400.80.
In New Zealand, the S&P/NZX 50 dipped 23.70 points or 0.21 percent to 11,349.54.
South Korea’s Kospi Composite declined 26.91 points or 1.00 percent to 2,658.99.
In Hong Kong, the Hang Seng fell 212.81 points or 1.00 percent to 21,082.13.
Only mainland China’s stock markets finished in the black Thursday. The Shanghai Composite added 13.30 points or 0.42 percent to 3,195.46.