NEW YORK: Wall Street’s main indexes rebounded after a three-day slide on Thursday, helped by gains in technology stocks, as the smallest weekly jobless claims since the start of a pandemic-driven recession lifted the mood.
Bitcoin regained some lost ground to trade near $40,000, a day after a brutal selloff, helping renew appetite for risk. Crypto-exchange operator Coinbase Global, miners Riot Blockchain and Marathon Digital Holdings rebounded between 1.6% and 5.1%.
“There was a lot of money drawn out from speculators initially but the market is beginning to gain ground and find comfortable levels,” said Arthur Weise, chief investment officer of Kingsland Growth Advisors.
Technology and communication services rose the most among the 11 major S&P sectors. Energy was the only sector in the red.
At 11:49 a.m. ET, the Dow Jones Industrial Average was up 322.14 points, or 0.95%, at 34,218.18 and the S&P 500 was up 50.98 points, or 1.24%, at 4,166.66. The Nasdaq Composite was up 236.13 points, or 1.78%, at 13,535.87.