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.

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