Dow Jumps 400+, NASDAQ Breaks Skid

U.S. stocks rose Thursday after an intraday comeback as the three major indexes each snapped two-day losing streaks.

The Dow Jones Industrials moved skyward 435.05 points, or 1.3%, to 33,248.28.

The S&P 500 hiked 75.59 points, or 1.8%, to 4,176.82.

The NASDAQ Composite leaped 322.44 points, or 2.7%, to 12,316.90.

The three averages are now on pace for a positive week. The Dow is up 0.1%. The S&P 500 inched up 0.5%, and the NASDAQ Composite rose 1.5% week to date.

Elsewhere, Microsoft warned revenue and earnings this quarter would fall short of analysts’ estimates. The stock initially fell, but made up losses to close with a 0.8% gain on the day.

Other technology names rose and boosted the Nasdaq. Nvidia gained 6.9%. Zoom rose about 4.3%, and Tesla added nearly 4.7%.

Meta Platforms edged 5.4% higher a day after Sheryl Sandberg announced she is stepping down from her role as chief operating officer.

Traders also parsed through corporate earnings results. Shares of pet retailer Chewy surged about 24% after the company reported strong quarterly results. Meanwhile, Hewlett Packard Enterprise fell 5.2% following slight misses on both earnings and revenue.

Federal Reserve Vice President Lael Brainard on Thursday said it is unlikely the central bank will take a break from its current rate-hiking cycle anytime soon.

Investors eyed employment data showing the slowest job creation pace of the pandemic-era recovery. Private sector employment rose by just 128,000 in May, ADP reported Thursday, falling well short of the 299,000 Dow Jones estimate.

In another report Thursday, initial jobless claims last week fell and came in below expectations, according to the U.S. Labor Department.

The closely-watched jobs report for May is slated for release Friday morning. Economists expect 325,000 non-farm jobs were added in the latest month, compared with 428,000 in April.

Treasury prices gained a bit of ground, lowering yields to 2.91% from Wednesday’s 2.92%. Treasury prices and yields move in opposite directions.

Oil prices spiked $2.32 to $117.58 U.S. a barrel.

Gold prices gained $24.80 to $1,873.50U.S. an ounce.