Wall Street up strongly as tech selloff fades
Wall Street rallied on Thursday morning, with the S&P 500 reclaiming the key 1,900 mark, as an early selloff in technology stocks fizzled and steadying oil prices boosted energy companies.
All 10 major S&P sectors were higher, led by a 3 percent rise in the energy sector as U.S. crude prices rose more than 3 percent, set to snap an eight-day losing streak.
At 10:40 a.m. ET (1540 GMT) the Dow Jones industrial average was up 192.51 points, or 1.19 percent, at 16,343.92.
The S&P 500 was up 21.7 points, or 1.15 percent, at 1,911.98 and the Nasdaq Composite index was up 45.11 points, or 1 percent, at 4,571.18.
“We’ve seen such a strong selloff and moved into correction territory for the year, there’s more of a ‘sentiment-in-momentum’ trade that is underway rather than a focus on fundamentals,” Bill Northey, chief investment officer of the private client group at U.S. Bank.
The market has made multiple attempts at rallies this year, but concerns over China’s economy, plunging oil prices and fresh global political concerns have stymied investors.
In corporate news, JPMorgan rose 2.8 percent to $59.08 on better-than-expected results, boosting the financial sector by 1.4 percent.
GoPro Inc slumped about 19 percent to $11.85 after the action camera maker estimated weak holiday-quarter revenue and said it would cut 7 percent of its workforce.
Intel is scheduled to report results after close.
Advancing issues outnumbered decliners on the NYSE by 1,757 to 1,189. On the Nasdaq, 1,668 issues rose and 919 fell.
The S&P 500 index showed no new 52-week highs and 114 new lows, while the Nasdaq recorded 3 new highs and 389 new lows.
[Source:- Reauters]