US Stocks Bounce Back as Tech Giants Rally
US stocks closed higher on Thursday as investors breathed a sigh of relief after recent bond yields eased further. The S&P 500 rose 1.1%, while the Dow Jones Industrial Average gained 1.2% and the Nasdaq composite closed 1.4% higher.
The rally was led by big technology and communication services stocks, which tend to have a significant influence on the broader market's direction. Microsoft, Apple, and Meta all saw gains, with Microsoft rising 2.7%, Apple up 1%, and Meta climbing 3%.
Chip maker Nvidia also rose 1.8% after announcing its acquisition of Hugging Face for $13 billion. This deal is seen as a strategic move to strengthen Nvidia's position in the artificial intelligence market.
Rising oil prices have added to existing inflationary pressures and exacerbated a bond-market sell-off earlier this week, but the price of Brent crude fell 0.1% to settle at $95.52 per barrel, while US crude edged up 0.3% to settle at $91.30.