U.S. stocks climbed on Thursday, rebounding from steep losses in the previous session investors picked up shares after the pullback.
The Dow Jones Industrials recovered from Wednesday’s bruising, taking on 433.79 points, or 1.3%, to 34,021.45.
The S&P 500 regained 49.46 points, or 1.2%, to 4,112.50. Every sector but energy ended the day in positive territory.
The NASDAQ restocked 93.31 points to 13,124.99, as investors tried to pick some winners in the beaten-up tech sector. Apple and Microsoft each bounced more than 1.5%.
The S&P 500 and the Dow are still down more than 2% each this week. The NASDAQ is the worst performer among the major averages, off by 4.5% this week.
The U.S. Labor Department reported that the prices American consumers pay for goods and services accelerated at their fastest pace since 2008 last month with the Consumer Price Index spiking 4.2% from a year ago.
Investors largely shook off another hot inflation report on Thursday, with producer prices in April jumping more than 6% from a year ago.
Elon Musk’s electric car maker Tesla lost 3%. That stock has posted declines in 11 of the last 13 trading sessions and is on track to post its worst week since March 2020 with a week-to-date loss of 14.97%.
Bitcoin dropped 9% after Elon Musk tweeted that Tesla would halt car purchases using the digital token for environmental concerns, a surprising reversal for the crypto-supporter. Coinbase, which just went public on the promise of crypto-trading becoming mainstream, dropped 2% following Musk’s comments.
Classic reopening trades including airlines jumped after the Centers for Disease Control and Prevention said fully vaccinated people no longer need to wear a face mask or stay six feet away from others in most setting. American Airlines, United and Delta each advanced at least 2% each.
Prices for 10-Year Treasurys regained lost ground, lowering yields to 1.66% from Wednesday’s 1.70%. Treasury prices and yields move in opposite directions.
Oil prices lost $2.33 to $63.75 U.S. a barrel.
Gold prices gained $4.50 to $1,827.30 U.S. an ounce.