New York.- Stock prices on the New York Stock Exchange rebounded on Thursday after a better-than-expected report on unemployment in the United States eased concerns about the slowdown in the economy.
The S&P 500 rose 119.81 points, or 2.3%, to 5,319.31 for its best day since 2022. The Dow Jones Industrial Average gained 683.04 points, or 1.8%, to 39,446.49 and the Nasdaq Composite added 464.22 points, or 2.9%, to 16,660.02.
Treasury yields also rose, a sign that investor nervousness about the economy is easing after a report showed fewer U.S. workers filed for unemployment benefits last week. The figure was better than economists had expected.
The yield on the 10-year Treasury note rose to 3.99% from 3.95%.
Exactly a week ago, worse-than-expected data on jobless claims raised concerns that the Federal Reserve had kept interest rates too high for too long. That sent markets reeling, along with a rate hike by the Bank of Japan that sent shockwaves around the world by triggering a sell-off among some hedge funds.
At the height of the decline, at least so far, the S&P 500 was down nearly 10% from its all-time high reached last month. After Thursday’s rally, the index is now about 6% from its all-time high.
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