Stocks ended up in positive territory on Thursday after a day of wild swings:
- The Dow rose 75 points, or 0.2%, to 32,105.
- The S&P 500 rose 11 points, or 0.3%, to 3,948.
- The Nasdaq rose 117 points, or 1%, to 11,787.
At one point, the Dow was up nearly 500 points before dipping into negative territory in the afternoon, then rallying again for its final modest gain. Two big questions have been causing big swings for Wall Street this month, and investors still don't have a final answer for either, per the AP. On one, investors are worried about whether another bank will suffer a debilitating exodus of customers following the second- and third-largest US bank failures in history. On the other, all the turmoil is clouding the outlook for what the Federal Reserve will do with interest rates after raising them to market-rattling heights over the last year.
Traders on Thursday nevertheless were still largely betting the Fed will cut rates later this year. Big technology and other high-growth stocks that tend to benefit the most from lower rates were among the strongest on Wall Street. Nvidia rose 2%, and Microsoft gained 1.9%. Stocks in the financial industry ended up being the heaviest weight on the S&P 500. First Republic Bank, which has been at the center of investors' crosshairs the last couple of weeks because of the industry's crisis, fell 6%. It had been up nearly 10% in the morning.
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