U.S. stocks shook off an early slide and closed broadly higher Thursday as the market steadied after its worst drop in more than four months.
A strong rebound in technology sector stocks helped power the rally ahead of widely anticipated quarterly report cards from Facebook, Amazon and Google’s parent company. The three Big Tech companies each reported results after the close of regular trading that topped Wall Street’s expectations.The S&P 500 rose 39.08 points to 3,310.11. The gain was less than half of what the benchmark index lost a day earlier. The Dow Jones industrial average gained 139.16 points, or 0.5%, to 26,659.11.
Despite the relatively calm moves, caution continues to hang over the market. A measure of investors’ fear in the U.S. stock market touched its highest level since June before receding Thursday, and oil prices continued their sharp descent on worries about demand from a virus-weakened economy.Coronavirus cases are also on the rise in the United States, raising worries about restrictions on businesses returning.
But the budding recovery is under threat now with coronavirus cases surging and with Congress and the White House unable to deliver additional support for the economy. Economists and investors have been asking for such assistance since the summer, when the last round of supplemental benefits for laid-off workers and other stimulus approved by Congress earlier this year expired.
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