Los Angeles Times
Stocks rebound broadly from two-day slide
Stocks on Wall Street bounced back from a twoday slide Thursday, placing the Standard & Poor’s 500 index on pace for its second straight weekly gain.
The S&P 500 rose 0.4%, powered by broad gains. About 77% of the stocks in the benchmark index closed higher. Technology stocks and banks made some of the biggest gains, along with a wide range of retailers and other consumer-oriented companies. Only communication services stocks and real estate companies fell.
The modest rally came as the latest government data showed continued economic growth.
Online brokerage Robinhood made an underwhelming debut on the Nasdaq, closing at $34.82, or 8.4% below its offering price of $38, which was the low end of its expected range.
The S&P 500 gained 18.51 points Thursday to 4,419.15. It is now less than 0.1% below the all-time high it hit Monday.
The Dow Jones industrial average rose 153.60 points, or 0.4%, to 35,084.53, while the Nasdaq added 15.68 points, or 0.1%, to 14,778.26.
The yield on the 10-year Treasury note edged higher to 1.27% from 1.26% late Wednesday.
A government report helped ease some concerns on Wall Street about the pace of the economic recovery. The Commerce Department said the U.S. economy grew at a solid 6.5% annual rate last quarter.
Claims for unemployment benefits dropped by 24,000 to 400,000 last week, the Labor Department reported.