April 23, 2018

Wall Street surges on last day of turbulent quarter

02 April 2018, 11:04 | Lionel James

A street vendor sells replicas of the Wall Street Bull statue outside the New York Stock Exchange on March 26

Tech industrial stocks lead market to gains ahead of holiday weekend

Stocks staged a broad rally ahead of the three-day Easter weekend as technology shares rebounded, but the blue-chip Dow index still suffered its first quarterly loss in more than two years.

The S&P 500 .SPX is down 2.56 percent and the Dow .DJI 3.5 percent, on track for their worst quarterly performances in more than two years.

The S&P 500 rose 35 points, or 1.4 percent, to 2,640 while the Nasdaq finished up 114 points, or 1.6 percent, at 7,063.

The rocky trading session saw stocks in and out of negative territory as they struggled to right themselves after tumbling in three of the last four trading days, leaving them with declines of two and four percent since Thursday.

USA stock markets will be closed on Friday due to the Good Friday holiday. The S&P 500 was up 28.83 points, or 1.11 percent and the Nasdaq Composite rose 84.60 points, or 1.22 percent.

This month, the Dow decreased 3.5 percent, the S&P fell 2.6 percent and the Nasdaq lost 2.9 percent.

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GameStop (GME.N) shares fell 10.8 percent after the company provided disappointing full-year sales forecast.

Countering those losses were gains for consumer staples .SPLRCS , real estate .SPLRCR , telecom .SPLRCL , and healthcare .SPXHC .

"Volatility has ramped up, inflationary pressures are more prevalent, interest rates are on the cusp of change, so that presents a higher level of uncertainty and higher investor angst", Sandven said.

Shares of Facebook rose 4.4 percent, while Apple, Netflix and Alphabet also closed higher. (NFLX) dropped more than 4%, as investors continued to dump high-flying technology stocks.

The group is up 14 percent so far this year, but privacy concerns in the wake of Facebook's scandal almost two weeks back has wiped $400 billion off their value.

USA stocks jumped on Thursday as technology shares bounced back from a sharp selloff ahead of a long weekend that will mark the end of a turbulent quarter for Wall Street. The watchmaker's stock jumped $5.20, or 15.7 percent, to $38.40.

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