Benchmarks Break Three-Day Losing Streak As Tech Bounces

All three major benchmarks scored their first win of the week on Thursday, thanks in large to a rebounding tech sector and jobless data that hit its lowest level since the start of the pandemic. The Dow added 188 points, while the S&P 500 and Nasdaq also finished with substantial gains as FAANG names recovered.

Meanwhile, bitcoin shifted lower after a brief comeback, following news that the Treasury Department will start regulating cryptocurrency transactions by requiring that transfers of $10,000 or more be reported to the Internal Revenue Service (IRS). These efforts aim to promote compliance and eliminate risks of tax evasion.

The Dow Jones Average (DJI - 34,084.15) added 188.1 points or 0.6% for the day. Apple (AAPL) led the Dow components with a 2.1% rise, while Caterpillar (CAT) paced the laggards, falling 0.8%.

Meanwhile, the S&P 500 Index (SPX - 4,159.12rose 43.4 points or 1.1% for the day. The Nasdaq Composite (IXIC - 13,535.74jumped 236 points or 1.8% for the day.

Lastly, the Cboe Volatility Index (VIX - 20.67) fell 1.5 points or 6.8% for the day.






Oil prices were lower on Thursday, as regulators continued to seemingly make progress towards a deal to with Iran, which would result in the lifting of U.S. sanctions against the country, therefore raising the market's crude supplies. In turn, June-dated crude fell $1.31, or 2.1%, to settle at $62.05 per barrel, notching their third-straight drop.

Meanwhile, gold prices managed to log their longest winning streak of 2021 with a sixth-straight win. The yellow metal was able to erase earlier losses after the Federal Reserve indicated in its meeting minutes for April that it could consider tightening its policy as the economy recovers. June-dated gold rose 40 cents, or 0.02%, to settle at $1,881.90 an ounce.

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