Dow Jumps 500 Points, Market Rebounds As Strong Earnings Alleviate ‘Dire Recession Headlines’The stock market rebounded for a second day in a row on Thursday, on track to
snap a seven-week losing streak, as recession fears cooled amid a slew of strong quarterly earnings reports that boosted investor sentiment.
Stocks moved higher as investors continued to assess the minutes from the Federal Reserve’s latest policy meeting:
The Dow Jones Industrial Average rose
1.6%, over 500 points, while the
S&P 500 gained
2% and the
Nasdaq Composite 2.7%.Retail stocks, which were initially hard-hit during earnings season after profit warning from major companies like
Walmart and Target, continued to rebound on Thursday amid strong showings from the likes of
Macy’s and Williams Sonoma, shares of which rose over 10% each.
Discount retailers
Dollar Tree and Dollar General jumped 20% and 14%, respectively, after similarly solid quarterly results.
