U.S. stocks jumped on Thursday, roaring back from a sharp sell-off on Wall Street that saw the S&P 500 and the Dow Jones Industrial Average suffer their worst drop in three months.

The S&P 500 rose 0.98%, while the blue-chip Dow gained 300.19 points, or 0.99%, boosted by Disney, Intel and American Express. The tech-heavy Nasdaq Composite climbed 0.5%.

All 11 S&P 500 sectors closed in the green amid the broad market rally. Financials and materials — cyclical sectors sensitive to an economic recovery — jumped 1.9% and 1.8%, respectively. Industrials and health care also led the strong gains.

The market suffered steep declines in the previous session, with the S&P 500 and the Dow posting their biggest one-day decline since October, as the speculative buying frenzy in heavily shorted stocks kept investors on edge. Some feared that hedge funds being squeezed could be forced to reduce their equity holdings to raise cash. Others called it a sign of a bubble forming in the market.


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Plan A : Short if market failed to support above 3729. Targets are 3701, 3672 and 3648.

Plan B : Long only if market supported firm above 3729. Targets are 3745, 3761 and 3779.

U.S. stock futures moved lower in early morning trading on Friday, as Wall Street’s volatile week continued.

On Thursday, the Nasdaq Composite closed up 0.50% on Thursday.

Apple turned in its largest revenue on record at $111.4 billion in its fiscal first-quarter earnings report for fiscal 2021. Sales for every product category rose by double-digit percentage points. Shares of the tech giant, however, dipped 3.5%.

On the data front, gross domestic product increased at a 4.0% pace in the fourth quarter, slightly below the 4.3% expectation from economists surveyed by Dow Jones.

The number of first-time filers for unemployment benefits rose less than expected last week. Jobless claims totaled 847,000 for the week ended Jan. 23, the labour Department reported Thursday. Economists polled by Dow Jones had expected first-time claims to total 875,000.


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Plan A : Short if market failed to support above 13017. Targets are 12978, 12930 and 12889.

Plan B : Long only if market supported firm above 13017. Targets are 13044, 13072 and 13105.