S&P 500 Gains for 4th Day, Dow Adds 300 Points

Dow Jones
Dow Jones

U.S. stocks soared on Thursday as Wall Street recovered from the persistent shocks.

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The Dow Jones Industrial Average added 306 points, or about 1%. The S&P 500 was up 1.4%, while the Nasdaq Composite gained more than 2%. The S&P 500 is on track for its first four-day winning streak since late March.

Energy stocks led the gains on Thursday, deleting some recent losses as oil prices rebounded. Exxon and Occidental Petroleum each climbed about 4%.

Freeport-McMoRan and Nucor gained 7.1% and 5.3%, respectively, as commodity stocks climbed.

Chipmakers pushed the tech sector after South Korea’s Samsung posted an 11% jump in profit and 21% surge in revenue for the latest period on strong sales of memory chips. Shares of AMD and Nvidia surged about 5% apiece.

If the S&P 500 closes higher, it will match its longest winning streak of the year, according to Bespoke Investment Group.

“There’s not necessarily much conviction in this move, but it is nice to see that, in the absence of new negative news, that markets are bouncing off of short-term oversold levels,” said Angelo Kourkafas, investment strategist at Edward Jones.