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The tech-heavy Nasdaq rose 1.4 percent as Facebook and Amazon, both reached all-time highs. Microsoft and Alphabet also hit intraday records. The Dow and S&P 500 also rallied 224 points and 0.9 percent, respectively.
Equities rebounded from a steep sell-off on Wednesday sparked by a potential escalation in a trade war between the U.S. and China.
The major stock indexes rebounded Thursday as a rally in some of Wall Street’s largest technology names carried the Nasdaq Composite to an all-time high at the start of the corporate earnings season.
The tech-heavy Nasdaq rose 1.4 percent to 7,823.92 as Facebook and Amazon, both reached all-time highs. Microsoft and Alphabet also hit intraday records. The Nasdaq also posted its biggest one-day gain since June 1, when it rose 1.5 percent. Netflix did not participate in the broad tech rally, however, falling more than 1 percent.
Equities rebounded from a steep sell-off on Wednesday sparked by a potential escalation in a trade war between the U.S. and China. The U.S. unveiled on Tuesday a list targeting $200 billion worth of Chinese goods for a 10 percent import tariff. Stocks fell sharply on the news, with the Dow snapping a four-day winning streak.
Investors also shifted their focus toward earnings and data, taking a breather from trade war concerns. On the earnings front, Delta Air Lines reported better-than-expected quarterly results. Analysts expect second-quarter earnings to have grown by 20 percent on a year-over-year basis.
BUY AMAZON AT: 1790.03, TAKE PROFIT AT: 1806.71, STOP LOSS AT: 1780.43