Wall Street Rebounds After Wednesday Selloff

Dow rises more than 300 points
By Newser Editors and Wire Services
Posted Dec 21, 2023 3:09 PM CST
Wall Street Rebounds After Wednesday Selloff
A sign at the intersection of Broad and Wall streets is shown outside the New York Stock Exchange, Monday, Dec. 11, 2023, in New York.   (AP Photo/Yuki Iwamura, File)

Wall Street on Thursday clawed back a good chunk of its sharp losses from the previous day:

  • The S&P 500 rose 48 points, or 1%, to 4,746.
  • The Dow rose 321 points, or 0.8%, to 37,403.
  • The Nasdaq rose 185 points, or 1.2%, to 14,963.

Of note Thursday: Micron Technology climbed 7.2% for one of the market's biggest gains after reporting stronger results for the latest quarter than analysts expected and saying it sees business conditions improving throughout its fiscal year, per the AP. CarMax rose 4.2% after it beat profit expectations despite what it called "persistent widespread pressures in the used car industry." And cruise operator Carnival steamed 6.3% higher after reporting better quarterly results than expected.

In the bond market, Treasury yields were mixed following a suite of reports on the economy. Mostly falling yields have been one of the main reasons the stock market has charged so high the last two months. They relax the pressure on the financial system, encourage borrowing and boost prices for investments. The yield on the 10-year Treasury edged up to 3.89% from 3.86% late Wednesday after dipping earlier in the morning. In October, it had been above 5% and weighing heavily on markets.

(More stock market stories.)

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