The major averages rose during Thursday's regular session as Wall Street began to recover from its banking crisis fears.
Brendan Mcdermid | ReutersDow Jones Industrial Average futures slipped by 23 points or 0.07%. S&P 500 futures and Nasdaq 100 futures slipped by 0.02% and 0.05%, respectively.gained more than 141 points or 0.43% during regular trading Thursday and is up 1.93% week to date, marking its best weekly performance since January. The S&P 500 rose 0.57%, and the tech-heavy Nasdaq gained 0.73%.
These gains come after the number of weekly jobless claims reached 198,000, up 7,000 from the prior week. The cooldown in the labor market added to Wall Street's optimism that the Fed will soon bring an end to its rate hike cycle. Semiconductors enjoyed a strong day, with AMD and Nvidia up more than 1%.
Thursday's rally is "helping to confirm the market's perception that the problems that brought the market to a crisis of confidence could very well be contained," said Quincy Krosby, chief global strategist for LPL Financial. "The semiconductors, [which] have come to be viewed as an important bellwether for global growth, delivered a strong performance," Krosby continued."Economic concerns enveloping recession fears haven't vanished as the yield curve still represents a counter to the market's climb higher," Krosby added.
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