Close Update: S&P 500 Breaks Slump; Boosted by Technology, Financial Shares



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The S&P 500 broke a losing streak spanning five sessions as investors showed affection for technology stocks, which led the market higher.

The Nasdaq Composite Index posted the biggest gain, climbing 1.7%, while the S&P 500 surged 1.1%, followed by the Dow Jones Industrial Average, which rose a little under 1%.

Appetite for financial stocks along with an advance in energy shares helped the market climb.

Stocks started the session on a down note in part after Federal Reserve Chairman Jerome Powell’s remarks Wednesday night stoked worries about global economic growth.

In economic news, retail sales data came in strong for October, but that wasn’t enough to boost retail stocks as disappointing financial results from JC Penney ( JCP ) and Dillards ( DDS ) hurt the sector.

US MARKETS

Dow Jones Industrial Index was up 208.77 points (+0.83%)

S&P 500 was up 28.62 points (+1.06%)

Nasdaq Composite Index was up 122.64 points (+1.72%)

GLOBAL SENTIMENT

FTSE 100 was up 4.22 points (+0.06%) to 7,038.01

Hang Seng Index was up 448.91 points (+1.75%) to 26,103.34

Shanghai China Composite Index was up 35.93 points (+1.36%) to 2,668.17

UPSIDE MOVERS

(+) QURE (+35.66%) Patients in phase 2B trial of AMT-061 achieved sustained therapeutic factor IX activity at 6 weeks

(+) AMRH (+15.12%) Swings to fiscal Q2 profit, revenue declines YoY

(+) ARNA (+21.62%) Signs global license deal with United Therapeutics ( UTHR ) for Ralinepag

(+) XSPA (+12.17%) Q3 EPS rose from year ago

DOWNSIDE MOVERS

(-) CDTI (-58.33%) Will voluntarily delist from Nasdaq

(-) MARK (-40.24%) Reported default event, lowered guidance, considering strategic alternatives

(-) PXS (-31.71%) Reported disappointing Q3 results, lower exports out of US Gulf


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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