US Stock Markets Today: Nasdaq, Dow Jones Open Higher After Fed Day Selloff; S&P 500 Near 6,000
US stocks opened higher on Thursday, with all three main indices climbing to recover some of the prior day's losses.
The tech-heavy Nasdaq Composite gained 1.2% to trade above 19,600. The Dow Jones Industrial Average also rose as much as 1.1% to 42,787.
The broader index, S&P 500, gained 1% to nearly reclaim 6,000 mark. All but one of the eleven sectoral indices advanced, led by declines in financials, telecom and consumer discretionary. Healthcare was the only sector in red.
The Wall Street had tumbled on Wednesday, after the US Federal Reserve lowered its rate cut projections for 2025. The S&P 500 had slipped the most, closing 3% lower, followed by Dow Jones declining 0.6% and Nasdaq Composite falling 0.3%.
Accenture Plc gained over 6% after first quarter financial results came above estimates and the company guided full-year revenue growth in the range of 4% to 7% in local currency, compared to its previous forecast of 3% to 6%.
Among major companies, shares of KKR & Co., Vistra Energy Corp. and PayPal Holdings Inc. witnessed gains in early trade. On the other hand, Micron Technologies Inc, CVC Health Corp. and UnitedHealth Group saw declines.
Investors took comfort after revised data showed the US economy grew at a faster pace in the third quarter than previously estimated. Consumer spending rose 3.7% in the quarter, 0.2 percentage point faster than the prior estimate.
A separate set of data released on Thursday revealed applications for US unemployment benefits fell last week after spiking earlier this month, continuing a streak of volatility that often occurs during the holiday season, Bloomberg reported.
Among other asset classes, the yield on 10-year US Treasury bonds advanced three basis points to 4.54%.
The Dollar Index remained steady at 108. The euro gained 0.5%, while the British pound rose 0.1%. The Japanese yen fell 1.5% as the Bank of Japan left its benchmark interest rate unchanged.
In the commodities market, spot gold rose 0.5% to $2,598.96 an ounce.
Global benchmark Brent crude gained 0.6% to trade near $73.8 per barrel, supported by falling US crude inventories and a stronger dollar that makes oil expensive for importers.
Bitcoin rose 1.8% to $102,743.61.
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