Stocks bounce as investors try to shake off Russia-Ukraine, Fed concerns
Stocks bounced Thursday as investors tried to recover from declines in Wednesday's regular trading session.
Aliver
Stocks bounced Thursday as investors tried to recover from declines in Wednesday's session.
The Dow Jones Industrial Average gained about 180 points, or 0.5%. The S&P 500 added 0.6%. The Nasdaq Composite rose 0.4%.
Investors are continuing to monitor the war in Ukraine and weigh the Federal Reserve's rate hikes amid persistent inflation.
NATO leaders met in Brussels Thursday to discuss increasing pressure on Russia, as Ukraine appears to be retaking ground in the war.
Last week, the Fed raised interest rates for the first time since 2018. Chair Jerome Powell on Monday vowed to be tough on inflation and opened the door for more aggressive half-percentage-point rate hikes.
The S&P 500 fell into correction territory late February, but is now about 7% off its highs. The Dow is also less than 7% from its intraday record, and the Nasdaq Composite is off by around 14%.
"While the stock market is attempting to recover from its correction, markets are fundamentally riskier and more uncertain than before Russia's invasion of Ukraine," said Richard Saperstein, chief investment officer at Treasury Partners.
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On Thursday, Uber gained about 2% after the company announced a deal to list all New York City taxis on its app.
Chip stocks Nvidia and Intel both rose around 4% a day after semiconductor executives testified in front of Congress in support of billions of dollars in chip manufacturing subsidies.
Materials was the top performing S&P 500 sector. Mosaic and Freeport-McMoRan each added more than 3%.
On the downside, KB Home dropped 1% after an earnings miss Wednesday.
On the data front, initial jobless claims last week totaled 187,000, the lowest level since 1969, the Labor Department reported Thursday.
Stocks have seesawed this week, alternating between up and down days. The Dow is about 1% lower on the week while the S&P 500 and Nasdaq Composite are marginally higher.
The indexes are coming off a big rally last week, their best weekly performance since 2020.
All three major averages are on track to close the month at least 1% higher.
