The S&P 500 has registered its largest one-day percentage gain in about two months, with technology shares providing the biggest boost as equities continued to rebound along with bond yields. All major sectors advanced at least 1 per cent and the S&P 500 technology index, which was at the heart of the recent sell-off, climbed 2.4 per cent.
The benchmark S&P 500 extended a rebound that began on Wednesday and closed near its high of the day. The index gained 4 per cent from Wednesday’s intraday bottom to Thursday’s close. Strategists said stock market futures strengthened heading into the day and bargain hunters stepped in to snap up beaten-down shares. Advanced Micro Devices gained 16.2 per cent after the chipmaker launched its second generation of processor chip and said that it had landed Alphabet’s Google and Twitter as customers.
Symantec jumped 12.3 per cent after sources said chipmaker Broadcom was in advanced talks to buy the cybersecurity company’s enterprise business. After the bell, Symantec confirmed the sale. US economic data pointed to a robust labour market as the number of Americans filing applications for unemployment benefits unexpectedly fell last week, allaying some worries about the potential for a recession and helping US Treasury yields rise.
The Dow Jones Industrial Average on Thursday rose 371.12 points, or 1.43 per cent, to 26,378.19; the S&P 500 gained 54.11 points, or 1.88 per cent, to 2,938.09; and the Nasdaq Composite added 176.33 points, or 2.24 per cent, to 8,039.16.Morning-Market-Note-Friday-9th-August