Stocks Roar Back, Erasing Most of Yesterday’s Loss: Markets Wrap
- Euro slumps after Draghi downplays economic momentum slowdown
- S&P 500, Dow Industrial, Nasdaq all remaim lower for the week
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U.S. stocks surged back into positive territory, with the Nasdaq Composite Index registering its biggest increase since March, a day after a broad-based rout sent equities negative for the year. Yields on Treasuries rose and the dollar strengthened to the highest level this year.
The S&P 500 Index finished higher for the first time in seven days, propelled by strong earnings results from Twitter, Microsoft and Tesla. The Dow Jones Industrial Average surged 400 points, after tumbling 600 points Wednesday. The optimism may turn out to be short lived, with shares of Amazon and Alphabet falling after the tech bellwethers reported disappointing results following the close of regular trading.