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Markets staged a comeback on Thursday following huge selloffs in the earlier session that saw the Dow and S&P 500 erasing gains for years and the Nasdaq entering correction territory. The rebound was led by a rally in tech stocks following upbeat quarterly results from Microsoft. This saw all three major indexes ending in positive territory, with the Nasdaq recording its best daily performance in almost seven months.
The Dow Jones Industrial Average (DJI) gained 1% to close at 24,984.55. The S&P 500 advanced 1.9% to close at 2,705.57. Both the Dow and S&P 500 entered into the green. The Nasdaq Composite Index closed at 7,318.34, increasing 3%. A total of 9.2 billion shares were traded on Thursday, compared with 9.6 billion on Wednesday and 11.44 billion when markets witnessed major selloff on Oct 11. Advancers outnumbered decliners on the NYSE by a 2.35-to-1 ratio. On Nasdaq, a 2.43-to-1 ratio favored advancing issues.
How did the Benchmark Perform?
The Dow added 401.13 points, snapping its three-day losing streak and finishing in the green after erasing all of its gains for 2018 on Wednesday. The comeback was led by a rally in shares of Microsoft Corporation (MSFT - Free Report) . Shares of Microsoft jumped 5.8%. Shares of Caterpillar, Inc. (CAT - Free Report) and The Boeing Company (BA - Free Report) gained 2.9% and 2.6%, respectively. Microsoft has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The S&P 500 gained 49.47 points, snapping a six-day losing streak. Gains in chipmaker stocks helped the technology sector. The Technology Select Sector SPDR (XLK) and the Communication Service Select Sector SPDR (XLC) gained 3.3% each. Ten of the 11 major S&P 500 sectors ended in positive territory.
The tech-heavy Nasdaq, added 209.94 points, registering its best daily gain since Mar 26, as tech stocks rallied. At its session highs, the Nasdaq rose as much as 256 points. Shares of Amazon.com, Inc. (AMZN - Free Report) rallied ahead of the release of its quarterly results, surging 7.1%. Shares of Facebook, Inc. and Netflix, Inc. (NFLX - Free Report) gained 3.4% and 3.7%, respectively.
Investor Sentiment Improves, Tech Stocks Rally
It has been a choppy October so far with markets suffering huge losses. The S&P 500 and Dow have lost 7.2% and 5.6%, while the Nasdaq is down 9.1% for the month. Investors’ sentiments have continuously been dented, leading o huge selloffs. On Wednesday, both the Dow and the S&P 500 erased gains for the year, while the Nasdaq enter correction territory.
On Thursday, market sentiments somewhat improved, paring some of the losses made in the earlier session. However, investors continue to feel jittery over worries of rapidly rising interest rates and growing concerns of slowing global economic growth.
That said, impressive quarterly results from a slew of companies somewhat lifted investors spirits on Thursday, indicating that the economy is still strong and stimulus from recent tax cuts is continuing to boost corporate profits. On Thursday, gains were led by tech stocks, with shares of Microsoft rallying following robust quarterly results. This helped the broader tech sector with shares of Facebook and Netflix posting gains.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
Image: Bigstock
Stock Market News For Oct 26, 2018
Markets staged a comeback on Thursday following huge selloffs in the earlier session that saw the Dow and S&P 500 erasing gains for years and the Nasdaq entering correction territory. The rebound was led by a rally in tech stocks following upbeat quarterly results from Microsoft. This saw all three major indexes ending in positive territory, with the Nasdaq recording its best daily performance in almost seven months.
The Dow Jones Industrial Average (DJI) gained 1% to close at 24,984.55. The S&P 500 advanced 1.9% to close at 2,705.57. Both the Dow and S&P 500 entered into the green. The Nasdaq Composite Index closed at 7,318.34, increasing 3%. A total of 9.2 billion shares were traded on Thursday, compared with 9.6 billion on Wednesday and 11.44 billion when markets witnessed major selloff on Oct 11. Advancers outnumbered decliners on the NYSE by a 2.35-to-1 ratio. On Nasdaq, a 2.43-to-1 ratio favored advancing issues.
How did the Benchmark Perform?
The Dow added 401.13 points, snapping its three-day losing streak and finishing in the green after erasing all of its gains for 2018 on Wednesday. The comeback was led by a rally in shares of Microsoft Corporation (MSFT - Free Report) . Shares of Microsoft jumped 5.8%. Shares of Caterpillar, Inc. (CAT - Free Report) and The Boeing Company (BA - Free Report) gained 2.9% and 2.6%, respectively. Microsoft has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The S&P 500 gained 49.47 points, snapping a six-day losing streak. Gains in chipmaker stocks helped the technology sector. The Technology Select Sector SPDR (XLK) and the Communication Service Select Sector SPDR (XLC) gained 3.3% each. Ten of the 11 major S&P 500 sectors ended in positive territory.
The tech-heavy Nasdaq, added 209.94 points, registering its best daily gain since Mar 26, as tech stocks rallied. At its session highs, the Nasdaq rose as much as 256 points. Shares of Amazon.com, Inc. (AMZN - Free Report) rallied ahead of the release of its quarterly results, surging 7.1%. Shares of Facebook, Inc. and Netflix, Inc. (NFLX - Free Report) gained 3.4% and 3.7%, respectively.
Investor Sentiment Improves, Tech Stocks Rally
It has been a choppy October so far with markets suffering huge losses. The S&P 500 and Dow have lost 7.2% and 5.6%, while the Nasdaq is down 9.1% for the month. Investors’ sentiments have continuously been dented, leading o huge selloffs. On Wednesday, both the Dow and the S&P 500 erased gains for the year, while the Nasdaq enter correction territory.
On Thursday, market sentiments somewhat improved, paring some of the losses made in the earlier session. However, investors continue to feel jittery over worries of rapidly rising interest rates and growing concerns of slowing global economic growth.
That said, impressive quarterly results from a slew of companies somewhat lifted investors spirits on Thursday, indicating that the economy is still strong and stimulus from recent tax cuts is continuing to boost corporate profits. On Thursday, gains were led by tech stocks, with shares of Microsoft rallying following robust quarterly results. This helped the broader tech sector with shares of Facebook and Netflix posting gains.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>