Wall Street ended sharply higher on Thursday, led by Tesla, Nvidia and other megacap growth stocks in a choppy session ahead of a key jobs report due on Friday.
Tesla, Nvidia and Meta Platforms each rose more than 4%, fueling gains in the S&P 500 and Nasdaq. Amazon rallied 3.1% and Apple added 1.7%.
Of the 11 S&P 500 sector indexes, 10 rose, led by Consumer Discretionary, up 3.03%, followed by a 2.69% gain in Materials.
U.S. stocks recovered from a drop earlier in the day after Federal Reserve Vice Chair Lael Brainard said she backs at least a couple more half percentage point interest rate hikes, and sees little case for pausing rate hikes in September if price pressures fail to cool.
The U.S. stock market has staged a modest recovery in recent sessions, with investors debating whether the worst of a selloff that has dominated Wall Street in 2022 may be over.
“Volatility has become the norm, not the exception. Stocks are being held hostage by inflation, and until inflation gets under control, volatility is likely to remain high,” warned Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis, Minnesota.
The S&P 500 is now down about 13% from its record high close in early January.
The Philadelphia Semiconductor index jumped 3.6% to end at its highest level in almost a month.
U.S. private payrolls increased far less than expected in May, suggesting demand for labor was starting to slow amid higher interest rates and tightening financial conditions, the ADP National Employment report showed.
All eyes are now on the government’s…
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