Dow Shakes off 300-point Loss to Storm Ahead 200

U.S. stocks staged a late-day comeback on Thursday, boosted by economic comeback plays as the market rebounded from a two-day losing streak.

The Dow Jones Industrials jumped 199.42 points to 32,619.48, after losing as much as 348 points.

The S&P 500 added 20.38 points to 3,909.52, wiping out a 0.9{fde03d2f1c3ee029f0b86461a3e50e9d647f04138057fbe6f119870871f02d29} intraday loss

The NASDAQ Composite recovered 15.79 points to 12,977.68, as some major technology stocks reserved losses. Tesla rose 1.6{fde03d2f1c3ee029f0b86461a3e50e9d647f04138057fbe6f119870871f02d29}, while Apple closed in the green.

Stocks that are tied to a successful economic reopening such as airlines and cruise line operators led the intraday rebound. American Airlines and United gained more than 4{fde03d2f1c3ee029f0b86461a3e50e9d647f04138057fbe6f119870871f02d29} each, while Norwegian Cruise Line and Carnival both rose over 2{fde03d2f1c3ee029f0b86461a3e50e9d647f04138057fbe6f119870871f02d29}. Boeing climbed 3.3{fde03d2f1c3ee029f0b86461a3e50e9d647f04138057fbe6f119870871f02d29}.

Thursday’s moves pared the major averages’ week-to-date losses. The S&P 500 and the Dow are now down less than 0.1{fde03d2f1c3ee029f0b86461a3e50e9d647f04138057fbe6f119870871f02d29} each after hitting their record highs last week. The NASDAQ has underperformed with a 1.8{fde03d2f1c3ee029f0b86461a3e50e9d647f04138057fbe6f119870871f02d29} loss so far this week.

Some investors have been taking profits in their growth winners which led the market’s rebound from the pandemic losses last year. Netflix has fallen 6.7{fde03d2f1c3ee029f0b86461a3e50e9d647f04138057fbe6f119870871f02d29} this month, while Tesla is down more than 5{fde03d2f1c3ee029f0b86461a3e50e9d647f04138057fbe6f119870871f02d29}. Pandemic winner Zoom Video has dropped nearly 16{fde03d2f1c3ee029f0b86461a3e50e9d647f04138057fbe6f119870871f02d29} in March.

The market weakness came as Federal Reserve Chairman Jerome Powell hinted at one day starting to remove the stimulus that has boosted the market during the pandemic.

Investors pored over a better-than-expected reading on weekly jobless claims. The U.S. Labor Department said first-time claims for unemployment insurance totaled 684,000 for the week ended March 20, lower than an estimate of 735,000 from economists surveyed by Dow Jones.

Prices for 10-Year Treasurys fell, hoisting yields 1.63{fde03d2f1c3ee029f0b86461a3e50e9d647f04138057fbe6f119870871f02d29} from Wednesday’s 1.61{fde03d2f1c3ee029f0b86461a3e50e9d647f04138057fbe6f119870871f02d29}. Treasury prices and yields move in opposite directions.

Oil prices faded $2.72 to $58.46 U.S. a barrel.

Gold prices sank eight dollars to $1,725.60.

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