Dow jumps 400 points, Nasdaq adds more than 2% to cut two-day losing streak; European markets close up as traders assess data, OPEC meeting
U.S. stocks rose Thursday after an intraday comeback as the three major indexes each snapped two-day losing streaks.
The Dow Jones Industrial Average added about 435 points, or 1.3%. The S&P 500 gained 1.8%. The tech-heavy Nasdaq Composite advanced 2.7%.
Meanwhile, Microsoft warned revenue and earnings this quarter would fall short of analysts’ estimates. The stock initially fell, but made up losses to inch up 0.4% on the day.
Other technology names rose and boosted the Nasdaq. Nvidia gained more than 6%, Zoom rose about 4% and Tesla added nearly 5%.
Meta Platforms edged about 4% higher a day after Sheryl Sandberg announced she is stepping down from her role as chief operating officer.
Traders also parsed through corporate earnings results. Hewlett Packard Enterprise fell around 5% following slight misses on both earnings and revenue. Meanwhile, shares of pet retailer Chewy surged about 22% after the company reported strong quarterly results.
The pan-European Stoxx 600 was up 0.6% by the close, with construction and material stocks finishing 2.1% higher to lead the gains, while at the other end oil and gas stocks lost 0.2% .
In individual stocks news, Atos shares finished 8% up. The French IT giant announced a partnership with UK chip designer Arm and University College London on Wednesday.
Source: CNBC, Investing.com