Stocks rebounded on Thursday, erasing earlier losses as investors rotated back into the tech sector. The Dow and Nasdaq scored triple-digit gains, with the latter enjoying strong earnings from Tesla (TSLA) and a weaker U.S. dollar, while the S&P 500 saw a more modest pop. All three major indexes scored a third-straight daily win, brushing off worse-than-expected weekly jobless claims, which hit an eight-month high last week. Elsewhere, the Cboe Volatility Index (VIX) -- known as Wall Street's fear gauge -- registered its sixth loss in seven sessions.
The Dow Jones Average (DJI - 32,036.90) gained 162.1 points or 0.5% for the day. Boeing (BA) led the gainers, adding 1.9%. Verizon Communications (VZ) paced the losers, shedding 2.9%.
The S&P 500 Index (SPX -3,998.95) added 39.1 points or 1% for the day. Meanwhile, the Nasdaq Composite (IXIC -12,059.61) rose 162 points, or 1.4% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 23.11) lost 0.8 points or 3.2% for the day.
GOLD BOUNCES BACK IN A BIG WAY
Oil prices fell to their lowest level in a week, as black gold’s short-term demand outlook faces scrutiny. September-dated crude, which is currently the front-month contract, lost $3.53, or 3.5%, to finish at $96.35 per barrel.
Gold prices, meanwhile, snapped back, surging in response to the European Central Bank’s (ECB) first interest rate hike in 11 years. August-dated gold added $13,20, or 0.8%, to close at $1,730.40 an ounce.
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