FILE- In this Wednesday, Feb. 5, 2014, file photo, Specialist Ronnie Howard, foreground, works at the post that trades CVS Carremark, on the floor of the New York Stock Exchange. Australia’s stock market and currency jumped Thursday Feb. 6, 2014 after encouraging economic data while gains on other major world benchmarks were more modest as investors waited for key policy meetings in Europe and a major U.S. job report. (AP Photo/Richard Drew, File)
After a rocky start to the week, U.S. stocks roared back on Thursday, giving major stock indexes their biggest gain of the year.
The Dow Jones industrial average and the S&P 500 index each closed up 1.2 percent, their largest single-day increase since Dec. 18.
The rally helped the market rebound a day after a modest loss and continued a gradual comeback since a plunge of more than 2 percent on Monday.
“The market was very oversold going into the day’s trading,” said Jim Russell, senior equity strategist at U.S. Bank Wealth Management.
The Dow Jones industrial average jumped 188.30 points, or 1.2 percent, to close at 15,628.53. The Standard & Poor’s 500 index rose 21.79 points, also 1.2 percent, to 1,773.43. Both indexes were still down about half a percent for the week following a steep drop on Monday.
The Nasdaq composite gained 45 points, or 1.1 percent, to 4,057.12.
Thursday’s surge began Login to read more