US stocks extended gains on Thursday after trade data showed record US exports, easing concerns about a stalled economic recovery following a six-day slide that left the equities market oversold. Various economists said the spike in exports in April could prompt upward revisions of gross domestic product growth in the second quarter.
The S&P 500 fell the last six days and was down more than 6 percent from a peak in early May, while the Nasdaq Composite had nearly erased its gains for the year so far. S&P sectors most linked to a growing economy led the market higher, with a materials index up 2.1 percent and an energy index up 1.3 percent. The Morgan Stanley cyclical index, which is down more than 5 percent in June, rose 1.2 percent on Thursday. The Dow Jones industrial average gained 118.63 points, or 0.98 percent, to 12,167.57. The Standard & Poor's 500 Index added 12.64 points, or 0.99 percent, to 1,292.20. The Nasdaq Composite Index rose 15.41 points, or 0.58 percent, to 2,690.79.
Comments
Comments are closed for this article.