U.S. stocks rallied on Thursday, staging a comeback after a turbulent Tuesday triggered by strong inflation data. Investors focused on robust corporate earnings while drawing positive insights from disappointing January retail sales, renewing speculation about potential Fed interest rate cuts.
The S&P 500 shot above the 5,000 mark, as the Nasdaq 100 paused at 17,800.
Small caps outperformed, with the iShares Russell 2000 ETF IWM surging 1.4% on top of Wednesday’s 2.4% rally.
The dollar edged lower, prompting a commodity resurgence. Gold, tracked by the SPDR Gold Trust GLD, leaped back above $2,000, while silver surged by 2.3%.
Crude oil prices, tracked by the United States Oil Fund USO, rose 1.9% to reach $78 a barrel.
Performance of Major Indices and ETFs on Thursday
| Major Indices & ETFs | Price | 1-day % |
| Russell 2000 | 2,020.13 | 1.5% |
| Dow Jones | 38,620.08 | 0.5% |
| S&P 500 | 5,011.47 | 0.2% |
| Nasdaq 100 | 17,784.05 | -0.1% |
The SPDR S&P 500 ETF Trust SPY rose 0.3% to hit $500, while the SPDR Dow Jones Industrial Average DIA surged by 0.6% to $386.34, and the tech-heavy Invesco QQQ Trust QQQ held at $433.15, according to Benzinga Pro data.
The Energy Select Sector SPDR Fund XLE, outperformed, soaring by 2.2%, while the Technology Select Sector SPDR Fund XLK was the laggard, retreating by 0.5%.
Stock Movers on Thursday
- Tesla Inc. TSLA rose 4% amid rising optimism that the Biden administration could enact proposed Environmental Protection Agency regulations next month, potentially expediting the electric vehicle transition.
- Wells Fargo & Company WFC surged over 6% after the bank announced that the Office of the Comptroller of the Currency concluded a 2016 consent order over its sales practices misconduct.
- CBRE Group Inc. CBRE skyrocketed by 8% on stronger-than-expected fourth-quarter results.
- Shares of Deer & Company DE fell by 6% as the company unveiled a disappointing outlook for the first quarter.
- Other companies reacting to earnings are Antero Resources Corp. AR, up 10%, Cisco Systems Inc. CSCO, down 2.5%, Zebra Technologies Corp. ZBRA, up 11%, West Pharmaceuticals Services Inc. WST, down 14%, Twilio Inc. TWLO, down 15%, AppLovin Corp. APP, up 21%, Pegasystems Inc. PEGA, up 31%, YETI Holdings Inc. YETI, down 15%, Penn Entertainment Inc. PENN, down 14%, and Tripadvisor Inc. TRIP, up 10%.
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Illustration created using artificial intelligence via MidJourney.
