Wall St. ends topsy-turvy day higher
STORY: The main stock indexes closed a topsy-turvy Thursday in positive territory, with the S&P 500 snapping a four-session losing streak, as investors grappled with how interest rate policy might affect the U.S. economy.
The Dow rose about 3-tenths of one-percent, the Nasdaq climbed about 7-tenths, and the S&P gained about half of one percent.
Stock markets have been volatile this year, pulling back in February after a strong January as investors try to figure out what the U.S. Federal Reserve will do with interest rates.
CAPTRUST Chief Investment Officer Mike Vogelzang says in this era of higher rates investors should look toward traditionally defensive sectors.
“There's going to be a benefit and there's going to be opportunity in the more durable. materials, basic materials, energy, complex Healthcare is an interesting place for us. Continuing to be an interesting place and and some of the some of the industrial stocks machine stocks. Defense is a little expensive, so it it has. A very, very different tone than we did in the years leading up to 2022. The market was led by a completely different group.”
One tech standout Thursday, Nvidia. It surged 14-percent to its highest level in more than 10 months, after the company forecast quarterly sales above estimates and reported a surge in the use of its chips to power artificial intelligence services.
Netflix fell 3-percent after saying it has cut prices of its subscription plans in 30 countries.
And Moderna fell after the vaccine maker reaffirmed its annual sales forecast of $5 billion for its COVID-19 vaccines despite its fourth-quarter sales exceeding estimates.