US Market rebounds 1%

The US stock market finished session sharply higher on Thursday, 02 February 2024, recouping most of yesterdays losses, thanks to bargain buying across the sectors, with consumer goods, retailers, mining, and tech stocks being notable gainers.

At closing bell, the Dow Jones Industrial Average index surged 369.54 points, or 0.97%, to 38,519.84. The S&P500 index advanced 60.54 points, or 1.25%, to 4,906.19. The tech-heavy Nasdaq Composite index spurted 197.63 points, or 1.3%, to 15,361.64.

Total 10 of 11 S&P500 sectoral indices inclined, with consumer discretionary and consumer staple sectors being top performers, rising 2% each.

ECONOMIC NEWS: The Labor Department released a report showing initial jobless claims rose to 224,000, an increase of 9,000 from the previous week's revised level of 215,000.

 

Institute for Supply Management released U.S. manufacturing activity report on Thursday showing manufacturing PMI rose to 49.1 in January from a downwardly revised 47.1 in December.

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