By Damian J. Troise and Alex Veiga

Technology companies led a broad rally for stocks on Wall Street Thursday, reversing most of the major indexes' losses from a day earlier and extending the market's recent run of uneven trading.

The S&P 500 rose 1.4%, more than making up for its pullback a day earlier. More than 85% of the stocks in the benchmark index rose. The Dow Jones Industrial Average gained 1%, while the tech-heavy Nasdaq composite climbed 1.9%.

The latest gains pulled the S&P 500 out of the red for the week. The Nasdaq is also on pace for a weekly gain, while the Dow is down slightly for the week after the indexes alternated between gains and losses over the past few days.

“There’s a little bit of tug-of-war right now ... and investors are just looking for direction,” said Darrell Cronk, chief investment officer for wealth & investment management at Wells Fargo.

The S&P 500 rose 63.92 points to 4,520.16, while the Dow gained 349.44 points to 34,707.94. The Nasdaq climbed 269.23 to 14,191.84.

Small company stocks also rallied. The Russell 2000 rose 23.24 points, or 1.1%, to 2,075.44.

Technology stocks accounted for the biggest share by far of the gains in the S&P 500, followed closely by communication companies. Many Big Tech companies have outsized values that tend to sway the broader market in either direction. Chipmaker Nvidia vaulted 9.8% for the biggest gain in the S&P 500. Facebook parent, Meta, rose 2.9%.

Health care stocks also had some of the strongest gains. Insurers UnitedHealth Group rose 2% and Anthem gained 2.5%.

Stocks indexes have been up-and-down after coming off a strong rally last week. Investors are trying to gauge how the economy and corporate profits will be affected this year as the Federal Reserve moves to raise interest rates in order to tame surging inflation.

Russia’s invasion of Ukraine has added more uncertainty to the global economic outlook, driving energy and other commodity prices higher. The fluctuation in energy prices has been one factor pushing and pulling the broader stock market.

Crude oil prices slipped Thursday after jumping a day earlier. U.S. benchmark crude oil fell 2.3% to settle at $112.34 per barrel. A barrel of Brent crude, the international standard, fell 2.1% to settle at $119.03. Overall, global oil prices are up more than 50% in 2022 on persistently rising inflation and concerns about crimped supplies because of Russia's invasion of Ukraine.

Investors around the world had their eye on NATO and European leaders, which held a summit Thursday. G-7 nations are restricting the Russian Central Bank’s use of gold in transactions and the U.S. announced new sanctions against Russian individuals and entities.

Dozens of nations, including the U.S. and much of Europe, say they’re united in seeking to “radically” reduce imports of Russian oil and gas.

Sanctions have so far gutted the Ruble's value and prompted Russia's stock exchange to close nearly a month ago. The exchange reopened Thursday under heavy restrictions to prevent the kind of massive selloff that occurred in anticipation of crushing financial and economic sanctions from Western nations.

Wall Street is monitoring the latest developments on the conflict as it tries to determine how much it could worsen inflation and potentially crimp global economic growth. Businesses and consumers have been facing increasing costs for materials and goods which has prompted central banks to raise interest rates in order to temper the impact from inflation.

Bond yields have been rising overall as the market prepares for higher interest rates. The yield on the 10-year Treasury rose to 2.36% from 2.31% late Wednesday.

“Markets are clearly signaling a deceleration in GDP growth and earnings growth,” Cronk said.

Investors received an encouraging update on the labor market's continued recovery. The number of Americans applying for unemployment benefits last week fell to its lowest level in 52 years. The upbeat report adds to data earlier this month that showed employers added a robust 678,000 jobs in February, the largest monthly total since July.

Updated on March 24, 2022, at 4:56 p.m. ET.

Share:
More In Business
U.S Chamber of Commerce Hosts Virtual Event 'Developing the Black-Owned Business Ecosystem'
For black history month, Cheddar is highlighting black business leaders who are driving the need for representation forward. On February 10, the U.S. Chamber of Commerce hosted an event called 'Developing the Black-Owned Business Ecosystem.' The virtual event was organized under the lobbying group's two initiatives -- the Equality of Opportunity Initiative, and the Coalition to Back Black Businesses. The event highlighted the developments needed to develop more black-owned businesses in the U.S. Dr. Anthony Wilbon, Dean of the School of Business at Howard University, joined Cheddar News' Closing Bell to discuss his experience as a speaker at the event.
Real Estate Key to Closing Wealth Gap Even as Black Spending Power Hit $1.6 Trillion
Black spending power reached a record $1.6 Trillion in a 2021 report from the University of Georgia Selig Center for Economic Growth. Ayesha Selden, certified financial planner, breaks down why real estate is the key to closing the racial wealth gap and how Black Americans are using social media to improve financial literacy. "If we look at home ownership as being a primary driver of wealth, when you look at the equity that Americans have in their homes, that equity can be used to buy additional assets like other rental properties. That equity can be used to educate our children," Selden said, noting that lower rates of home ownership meant Black Americans tend to incur more debt on average for their student loans.
Does Owning Crypto Really Make Daters More Desirable?
A new survey from Etoro suggests that talking crypto might actually help Americans on the dating scene find love...or at least land another date. The survey found that 74% of respondents would be more interested in going on a second date with a person that pays the bill in Bitcoin. Callie Cox, Etoro's U.S. investment analyst, joined Cheddar News to discuss.
Stocks Close Lower to Begin Week as Russia-Ukraine Tensions Weigh on Sentiment
Art Hogan, Chief Market Strategist at National Securities, joined Cheddar News' Closing Bell, where he says investors are taking a wait-and-see approach when it comes to the situation between Russia and the Ukraine and elaborates on the impact higher oil prices stemming from the conflict would have on the market.
Load More