Wall Street staged a swift, last-minute turnaround Thursday that rescued stocks from a steep dive and put the market on track to end a topsy-turvy, volatile…
Technology companies and health care stocks, big gainers on Wednesday when the market had its best day in 10 years, took some of the heaviest losses in Thursday's broad slideWall Street staged a swift, last-minute turnaround Thursday that rescued stocks from a steep dive and put the market on track to end a topsy-turvy, volatile week with a gain.
Prior to the two-day rally, the S&P 500 had fallen in 11 of 16 trading sessions in December, with five of the declines by 2 percent or more. Investors had grown worried that the testy U.S.-China trade dispute and higher interest rates would slow the economy, hurting corporate profits. The S&P 500 index rose 21.13 points, or 0.9 percent, to 2,488.83. Earlier, it had been down more than 69 points. The Dow gained 260.37 points, or 1.1 percent, to 23,138.82. Both indexes rose about 5 percent Wednesday, when the Dow had its biggest-ever single-day point gain.
Benchmark U.S. crude dropped 3.5 percent to settle at $44.61 a barrel in New York. Brent crude, used to price international oils, lost 4.2 percent to $52.16 a barrel in London.
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