Stocks bounced back from their worst drop since September on Thursday. Helping the mood was a suite of reports suggesting the economy remains solid, while pressures on inflation may be easing.
- The S&P 500 rose 60 points, or 1.2%, to 4,906.
- The Dow rose 369 points, or 0.9%, to 38,519.
- The Nasdaq rose 197 points, or 1.3%, to 15,361.
Tech stocks led Wall Street in a mirror reverse of a day before, per the AP. Microsoft rose 1.7% a day after falling 2.7%. Google's parent company, Alphabet, added 1.2% after tumbling 7.5%. Meta, parent of Facebook, was up more than 8% in extended trading, per CNBC. Also of note: Merck climbed 4.1% after the pharmaceutical giant's report in the morning delivered stronger profit and revenue for the latest quarter than analysts expected. Etsy jumped 7.9% after it added a partner from Elliott Investment Management to its board, who said he sees opportunity to significantly increase the company's value.
On the losing end of Wall Street, New York Community Bancorp. fell another 8.7% after plunging 37.7% a day before, when it reported a much larger quarterly loss than expected and cut its dividend to build its financial strength. The surprising report caused stocks of other regional banks to tumble, reviving uncomfortable memories of the banking crisis last year that led to the collapses of Silicon Valley Bank, Signature Bank, and others. Peloton Interactive dropped 22.9% after it gave a forecast for upcoming revenue that fell short of analysts' expectations.
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