S&P 500 Ends Slump After Volatile Session

  • 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:

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. 

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