Stocks are closing higher on Wall Street Thursday, snapping a three-day losing streak that included the biggest drop for the S&P 500 since February.
Technology stocks, which were hurt hard earlier in the week, were among the bigger gainers. Apple, Microsoft and Google parent Alphabet all rose. Stocks had been falling this week as investors became concerned about inflationary pressures.
The price for Bitcoin dropped 10% after Tesla CEO Elon Musk reversed his earlier position on the digital currency and said the electric car maker would no longer accept it as payment. Bond yields fell.
The S&P 500 rose 49.46 points, or 1.2%, to 4,112.50.
The Dow Jones Industrial Average rose 433.79, or 1.3%, to 34,021.45.
The Nasdaq rose 93.31 points, or 0.7%, to 13,124.99.
The Russell 2000 index of smaller companies rose 35.81 points, or 1.7%, to 2,170.95.
For the week:
The S&P 500 is down 120.10 points, or 2.8%.
The Dow is down 756.31 points, or 2.2%.
The Nasdaq is down 627.25 points, or 4.6%.
The Russell 2000 is down 100.68 points, or 4.4%.
For the year:
The S&P 500 is up 356.43 points, or 9.5%.
The Dow is up 3,414.97 points, or 11.2%.
The Nasdaq is up 236.71 points, or 1.8%.
The Russell 2000 is up 196.10 points, or 9.9%.
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