Stock prices finished higher on Thursday after swinging between highs and lows in late-afternoon trading demonstrating what a volatile bull market looks like. Volatility to match the spread of nervousness as trigger-happy investors rotate out of stocks.
The Dow Jones industrial average, added +0.66% and the S&P 500 nipped up +0.10%. The rise in the technology sector up (+0.08%) bolstered the Nasdaq market, before it retreated to end down -0.11 % for the fourth session in a row.
Energy got a boost as WTI crude jumped +1.8%, its highest in two weeks, to $62.77 a barrel. Among the individual gainers of the day were: Chesapeake Energy, which delivered an earnings beat and catapulted +21.67%. Hess was up +4.09% and Scana +10.03%. United Technologies gained +3.34%. Financials and healthcare sectors made losses.
- Dow 24,962.27 +0.66%
- S&P 500 2,703.96 +0.10%
- Nasdaq 7210.09 -0.11%
- Russell 2000 1,529.56 -0.15%
- NYSE Composite 12,693.23 -0.02%
- Gold 1,333.4 +0.10%
- Oil WTI $62.62 +1.52%
The yield on the benchmark 10-year Treasury bond dropped three basis points from 2.95% to 2.92% on Thursday. Gold gained +0.10% to $1,333 per ounce. The greenback softened. Market Watch's US Dollar Index fell -0.42% to 89.74.
Meanwhile data from the Energy Information Administration showed crude supplies were unexpectedly lower in the week ended 16 February shrinking to 1.616 million barrels.