The Dow Jones Industrial Average rose throughout the session Thursday and closed near the day's highs. The blue chip index gained 1.2%, its best day since March 3. Intel was the Dow's clear leader, with a hefty 6% gain.
The S&P 500 was up 1.8% at closing bell. Chip leader Advanced Micro Devices was a big contributor.
Tech stocks lifted the Nasdaq 2.5%, which outperformed other indexes. Adobe rose after earnings. Leaderboard stocks Nvidia and Meta Platforms shone. Dow Jones tech leader Apple rose 1.9%. Earlier Thursday, Apple was added to IBD SwingTrader.
The small-cap Russell 2000 rose 1.5%, while the Innovator IBD 50 outperformed with a gain of 2.7%.
Volume on the NYSE and on the Nasdaq was lighter compared with the same time on Wednesday.
Regional bank stocks bounced as Treasury Secretary Janet Yellen testified that U.S. banks remain resilient. Analysts at Bank of America see these banks having to offer higher interest rates to attract deposits.
Fifth Third Bancorp and Citizens Financial Group tried to rebound from steep losses.
First Republic got a 12% gain after falling earlier on news of a possible sale of the bank. A group of major banks agreed to provide funds to keep First Republic afloat.
ARK Invest head Cathie Wood has two new crypto funds, per filings made Wednesday. A total of nine investors have funded the ARK Crypto Revolutions U.S. Fund LLC and the ARK Crypto Revolutions Cayman Fund LLC for a total of $16 million. Both funds are private and open to select investors. Earlier, the investor picked up $20.5 million in shares of Coinbase.
Shares of Tesla notched a 2% gain Thursday. The EV maker faces a lawsuit that accuses the company of monopolizing maintenance and repair of its vehicles. Owners are asking that repair manuals and diagnostic tools be "available to individuals and independent repair shops at a reasonable cost." Earlier, the EV maker agreed to open 7,500 superchargers stations to non-Tesla cars to support plans to expand the EV charging network.
Economic Data
A mixed picture emerged from economic data on Thursday. First-time jobless claims fell to 192,000 against views of 205,000 from Econoday. The tight labor market continues as claims were lower than the previous week's 211,000.
However, the Philadelphia Manufacturing Index showed a negative reading that improved slightly in March from February. General activity, new orders and shipments slowed. But housing starts and permits increased.
Crude oil rose 1% to $68.36 a barrel. The yield on the 10-year Treasury note rose 7 basis points to 3.56%.
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Regeneron Pharmaceuticals fell 1.4% after news that the Centers for Medicare and Medicaid Services will start negotiating the price of the 10 costliest U.S. drugs.
Halozyme Enzymes fell 10%. Regeneron's drug Eylea treats age-related macular degeneration in the eye, and Halozyme's Darzalex treats cancer in plasma cells.
Chipotle Mexican Grill rose 2%, locking in a four-day winning streak after rebounding from its 50-day moving average. Shares are building a flat base with a 1,724.81 buy point.
Adobe surged 6% in strong volume after earnings came out. The iconic software company raised its outlook. Shares are testing converged 50- and 200-day lines. Dow Jones software giant Microsoft continued its ascent in a flat base and is 1% below a 276.86 entry.
Monolithic Power Systems rose nearly 5% in a cup-with-handle base. Shares offer an entry at 530.75.
ServiceNow rose nearly 5% as well, rising above converged 50- and 200-day lines. Five Below fell over 1.5% in strong volume after earnings came out late Wednesday. The stock is below its 50-day line.
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