Wall Street rebounds in late day rally

Wall Street rebounded late Thursday afternoon as investors bet on stocks tied to an economic recovery and picked up beaten down shares such as Apple and Tesla.

Earlier in the session, investors had shrugged off a big drop in weekly jobless claims that President Joe Biden called economic progress.

By the close, the Dow gained six-tenth percent while the S&P 500 added a half percent. The Nasdaq inched a tenth percent higher.

Invesco Global Chief Market Strategist Kristina Hooper is optimistic about the outlook for the economy and the markets.

"We have far more fiscal stimulus than we had during the global financial crisis. We have Fed support I mean extraordinary monetary policy, support and of course we have in the offing the broad distribution of vaccines which should trigger a strong economic recovery. And let us not forget elevated household savings and pent-up demand."

A lot of that demand could resurface at restaurants. Shares of the operator of Olive Garden and Capital Grille, Darden Restaurants, shot up 8% after it announced a new plan to buy back shares. It also issued an upbeat outlook for revenue and profit.

Nike was the biggest decliner on the Dow, falling 3%. The maker of athletic goods was attacked on Chinese social media over past comments it had made about labor conditions in Xinjiang.