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U.S. stocks climbed on Thursday, rebounding from steep losses in the previous session as investors picked up shares after the pullback.
The Dow Jones Industrials recovered from Wednesday’s bruising, taking on 444 points, or 1.3%, to 34,032.08
The S&P 500 regained 50.21 points, or 1.2%, to 4,111.92,
The NASDAQ restocked 92.23 points to 13,123.91, as Apple and Microsoft both rebounded more than 2%. Alphabet and Facebook rose more than 1% each.
Classic reopening trades, including airlines and cruise line operators, also jumped. American Airlines, United and Delta also advanced more than 2%, while Carnival and Norwegian also both rose over 2%.
The U.S. Labor Department reported that the prices American consumers pay for goods and services accelerated at their fastest pace since 2008 last month with the Consumer Price Index spiking 4.2% from a year ago.
Investors largely shook off another hot inflation report on Thursday, with producer prices in April jumping more than 6% from a year go.
Bitcoin dropped 9% after Elon Musk tweeted that Tesla would halt car purchases using the digital token for environmental concerns, a surprising reversal for the crypto-supporter. Coinbase, which just went public on the promise of crypto-trading becoming mainstream,
dropped 2% following Musk’s comments.
Prices for 10-Year Treasurys regained lost ground, lowering yields to 1.66% from Wednesday’s 1.70%. Treasury prices and yields move in opposite directions.
Oil prices lost $2.51 to $63.57 U.S. a barrel.
Gold prices gained $4.10 to $1,826.90 U.S. an ounce.
