Dow Rockets from Worst Selloff in Months

Stocks rose on Thursday, clawing back some of their losses from the previous session, as shares of major tech companies advanced ahead of their quarterly earnings reports. Sentiment also got a lift from better-than-expected economic data.

The Dow Jones Industrials recovered 268.93 points, or 1%, to 26,788.88.

The S&P 500 increased 39.08 points, or 1.2%, to 3,310.11. Thursday marked the first daily gain for the Dow in five days. The S&P 500 snapped a three-day slide.

The NASDAQ popped 180.73 points, or 1.6%, to 11,185.59.

Thursday’s moves came a day after the market’s biggest selloff in months. Both the Dow and S&P 500 had their worst day on Wednesday since June.

Shares of Amazon acquired 1.5%, and Apple rose 3.7%. Alphabet closed 3.1% higher and Facebook popped nearly 5%. Six of the 11 S&P 500 sectors gained more than 1%, including tech and communication services. Netflix, meanwhile, surged more than 5% after the company announced it will raise prices for U.S. subscribers.

Amazon and Alphabet reported better-than-expected earnings after the bell along with Facebook. Apple was slated to report later in the evening.

More than 270 S&P 500 companies have reported calendar third-quarter earnings thus far. Of those companies, 85% have reported better-than-expected earnings. Despite the high beat rate, several stocks have fallen after releasing their quarterly results.

U.S. gross domestic product for the third quarter expanded at a 33.1% annualized pace, its fastest growth ever. The reading came after a 31.4% plunge in the second quarter and was better than the 32% estimate from economists surveyed by Dow Jones.

Meanwhile, the number of first-time unemployment-benefits filers declined for a second straight week and hit its lowest level since March. Initial weekly U.S. jobless claims came in at 751,000 for the week ending Oct. 24, better than a Dow Jones estimate of 778,000.

Prices for the 10-Year Treasury fell hard, raising yields to 0.83% from Wednesday’s 0.77%. Treasury prices and yields move in opposite directions.

Oil prices dropped $1.06 at $36.33 U.S. a barrel.

Gold prices dipped $8.60 to $1,870.60