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The S&P 500 jumped and the NASDAQ Composite closed at a record Thursday as tech shares climbed higher, rebounding from an earlier pullback over concerns of persistent inflation.
Even so, the 30-stock index had rallied to within 2.43 points of breakeven to end Thursday at 38,459.08.
The much-broader index jumped 38.42 points to 5,199.06.
The NASDAQ popped 271.84 points, or 1.7%, to 16,442.20.
Technology stocks lifted the S&P 500 and NASDAQ Composite into positive territory midday Thursday as investors bought into the dip from earlier in the week. Nvidia jumped 4.1%. Other “Magnificent Seven” members rallied: Amazon added about 1.7% and hit an all-time high, and Alphabet gained more than 2%. Apple popped 4.3%, notching its best session since May 2023.
The early stages of earnings season continue Thursday, with CarMax falling more than 9% after disappointing on both top and bottom lines. The unofficial start to the period commences with big bank earnings from JPMorgan, Wells Fargo and Citigroup on Friday.
The Dow is on pace to end the week lower by almost 1%. Meanwhile, the S&P 500 trimmed its earlier losses following a hot CPI report, and it’s down just 0.1% week to date. The tech-heavy NASDAQ is up 1.2% for the week.
The producer price index reading for March came in below estimates, providing some relief after Wednesday’s selloff on a faster-than-expected rise in prices for consumer goods and services. Wholesale prices rose 0.2% in March, while economists polled by Dow Jones expected 0.3% growth. Core CPI, which excludes food and energy, increased 0.2%, in line with forecasts.
Prices for the 10-year Treasury hesitated, raising yields to 4.57% from Wednesday’s 4.55%. Treasury prices and yields move in opposite directions.
Oil prices lost 56 cents to $85.65 U.S. a barrel.
Gold prices brightened $43.60 to $2,392.00 U.S. an ounce.
