US stocks rebound as buyers take advantage of drop
Wall Street stocks bounced on Thursday, recovering from the prior session's pullback in a sign of underlying bullishness in anticipation of easing US monetary policy. "Today shows how eager traders are to buy every dip," said Steve Sosnick of Interactive Brokers. "People are more fearful about missing out than they are about the potential that a stock might sell off." The Dow Jones finished up 1.0 percent at 38,519. The S&P 500 rose 1.3 percent to 4,906, while the Nasdaq jumped 1.3 percent to 15,361. Major indices had tumbled on Wednesday after Federal Reserve Chair Jerome Powell dampened expectations for an imminent cut in interest rates, saying the central bank did not expect the move in March. But futures markets showed investors still think there is about a 38 percent chance the Fed will cut at its next meeting. Most large tech companies enjoyed a positive session in a reversal from Wednesday's drop. Amazon, Microsoft and Apple all rose. Peloton Interactive, the exercise company, plunged more than 24 percent after it reported a US$335.4 million loss in the latest quarter and offered a disappointing outlook. New York Community Bancorp dropped 11.1 percent, adding to the prior day's tumble after reporting a loss. The rout has pressured other regional banks, reviving fears about the state of the industry after last spring's failures of three midsized lenders. (AFP)