A big screen display of stock prices hangs behind traders working at the New York Stock Exchange NYSE on May 9, 2022.
Michael Nagle/Xinhua via Getty Images
US stocks closed higher on Thursday after a choppy trading session.
Major indexes swung between gains and losses throughout the trading day.
The S&P 500 broke a four-day losing streak to end the day with a moderate gain.
US stocks closed higher on Thursday, with the S&P 500 breaking a streak of four consecutive losses.
Markets swung between gains and losses, following a big sell-off earlier in the week. The release of minutes on Wednesday from the latest FOMC meeting suggested the Federal Reserve could keep rates higher for longer.
On Thursday, fourth-quarter GDP growth was revised down to 2.7% from an initial reading of 2.9%. Weekly jobless claims unexpectedly dipped.
Here’s where US indexes stood at the 4 p.m. ET close on Thursday:
S&P 500: 4,012.33, up 0.53% Dow Jones Industrial Average: 33,153.91, up 0.33% (108.82 points)Nasdaq Composite: 11,590.40, up 0.72%
Here’s what else happened today:
Reddit day traders are back on the scene again and are helping fuel a rally in stocks. Jamie Dimon said a soft landing is possible for the US economy but “scary stuff” is ahead.Shares of Netflix sank after the company announced further price cuts in 100 countries. Oil prices could climb 25% in the next six months, according to CIBC Private Wealth senior equity trader Rebecca Babin.
In commodities, bonds and crypto:
West Texas Intermediate crude oil climbed 1.50% to $75.03 per barrel. Brent crude, oil’s international benchmark, added 1.06% to $81.47.Gold ticked up 0.15% to $1,8327.71 per ounce.The yield on the 10-year Treasury gained 1.8 basis points to 3.937%.Bitcoin fell 0.05% to $24,130.33.