NEW YORK, New York - U.S. stocks closed sharply higher on Thursday, led by a blockbuster rally in the Dow Jones Industrial Average, while the Nasdaq Composite barely budged amid mixed technology sector performance.
The Dow Jones Industrial Average soared 875.05 points, or 1.73 percent, to close at 51,562.12. The blue-chip index traded between a low of 50,986.10 and a high of 51,657.89 during the session, marking a decisive rebound from its 52-week low of 41,981.14.
The broader Standard and Poor's 500 also finished in positive territory Thursday, adding 30.64 points to end at 7,584.32, a gain of 0.41 percent. The index saw volume of 3.163 billion shares traded, moving within a daily range of 7,516.54 to 7,598.19. Its 52-week high stands at 7,620.90.
In contrast, the technology-heavy NASDAQ Composite slipped into the red, losing 23.02 points, or 0.09 percent, closing at 26,830.96. Volume on the Nasdaq reached 7.012 billion shares.
Market analysts attributed the Dow's outsized gains to a rotation out of high-flying tech names and into industrial, financial, and consumer cyclical stocks. Meanwhile, the Nasdaq's marginal decline suggested profit-taking in the semiconductor and software sectors following recent record highs.
The Dow's closing level of 51,562.12 also marked a fresh 52-week high for the index, underscoring the breadth of Thursday's blue-chip advance.
U.S. Dollar Mixed in Thursday FX Trading; Swiss Franc Jumps, Yen Holds Firm
The U.S. dollar turned in a mixed performance against major currencies on Thursday, with the most dramatic move coming against the Swiss franc, which strengthened sharply, according to latest foreign exchange closing quotes.
The euro edged higher against the dollar. The EUR/USD pair traded at 1.1612, a gain of 0.13 percent. The euro moved between a low of 1.1594 and a high of 1.1645 during the session.
The British pound posted a modest advance. GBP/USD settled at 1.3424, up 0.05 percent on the day. Sterling's trading range spanned from 1.3411 to 1.3462.
Against the Japanese yen, the dollar slipped slightly. USD/JPY last traded at 160.01, a decline of 0.05 points, representing a loss of 0.03 percent. The pair traded as high as 160.08 and as low as 159.60.
The Swiss franc was the standout performer, posting a sharp gain against the greenback. USD/CHF fell to 0.7894, a drop of 0.34 percent. The dollar traded between 0.7868 and 0.7922 against the franc.
The Canadian dollar weakened marginally. USD/CAD rose to 1.3902, an increase of 0.04 percent. The pair's daily range was 1.3881 to 1.3925.
The Australian dollar gained ground. AUD/USD climbed to 0.7135, a rise of 0.09 percent. The Aussie traded between 0.7122 and 0.7149.
The New Zealand dollar also advanced. NZD/USD opened in Auckland around 0.5868 Friday, up 0.06 percent. The kiwi's session low Thursday was 0.5856, while its high reached 0.5888.
Finally, the Chinese yuan weakened slightly against the dollar. USD/CNY settled at 6.7738, a gain of 0.06 percent for the greenback. The pair remained tightly rangebound, trading between 6.7735 and 6.7742.
Currency analysts attributed the Swiss franc's strength to continued safe-haven demand, while the dollar's modest losses against European and commodity currencies reflected shifting expectations for Federal Reserve interest rate policy later this year.
Global Markets Close Mixed on Thursday; European Gains Outweighed by Asian Sell-Off
World stock markets closed with sharp regional divergences on Thursday, as European indexes posted solid advances while major Asian benchmarks tumbled into the red.
In London, the FTSE 100 rose by 28.02 points, or 0.27 percent, to end at 10,360.32.
In Europe, Germany's DAX P added 149.01 points, a gain of 0.60 percent, closing at 24,944.95. France's CAC 40 outperformed its peers, surging 93.87 points to 8,244.29, an increase of 1.15 percent.
The broader EURO STOXX 50 I advanced 49.76 points, or 0.82 percent, finishing at 6,103.33. Meanwhile, the Euronext 100 Index rose 12.39 points (0.67 percent) to 1,866.80, and the BEL 20 gained 38.03 points, settling at 5,538.33, a rise of 0.69 percent.
Canada's S&P/TSX Composite index joined the rally, climbing 415.52 points to finish at 35,217.06, an increase of 1.19 percent. Trading volume on the TSX totaled 313.956 million shares.
Asian markets painted a very different picture. In Hong Kong on Thursday, the HANG SENG INDEX dropped sharply, losing 379.81 points to close at 25,253.40, a decline of 1.48 percent.
Singapore's STI Index fell 70.71 points, or 1.38 percent, ending at 5,067.53.
Australia also saw losses: the S&P/ASX 200 sank 99.60 points (1.13 percent) to 8,686.10, while the Australian ALL ORDINARIES lost 100.30 points, finishing at 8,916.90, a drop of 1.11 percent. Across the Tasman on Thursday, New Zealand's S&P/NZX 50 INDEX GROSS edged down 13.47 points, a loss of 0.10 percent, to 13,101.61.
In India, the S&P BSE SENSEX managed a marginal gain, rising 13.84 points or just 0.02 percent to close at 74,360.01. However,
Indonesia's IDX COMPOSITE tumbled 101.28 points, or 1.70 percent, to 5,839.79. In Malaysia, the FTSE Bursa Malaysia KLCI bucked the trend, advancing 10.52 points (0.63 percent) to 1,683.26.
Elsewhere in the Asia-Pacific, China's SSE Composite Index fell 26.19 points, losing 0.64 percent, to 4,057.78 on volume of 1.99 billion shares.
Japan's Nikkei 225 closed sharply lower, dropping 931.45 points, or 1.36 percent, to finish the session at 67,470.69.
In South Korea, the KOSPI Composite Index posted one of the steepest declines, plunging 162.08 points, or 1.84 percent, to 8,639.41.
Taiwan's TWSE Capitalization Weighted Stock Index fell 781.70 points, a drop of 1.68 percent, closing at 45,677.46.
In the Middle East, Israel's TA-125 slipped 20.14 points, down 0.48 percent, to 4,206.36. In Egypt on Thursday, the EGX 30 Price Return Index rose 88.10 points, or 0.17 percent, to finish at 52,652.50 on volume of 508.808 million shares.
In Africa, South Africa's Top 40 USD Net TRI Index declined 37.29 points, or 0.54 percent, ending at 6,910.11.
Traders cited profit-taking in Asia following recent rallies, while European markets were buoyed by better-than-expected corporate earnings and easing concerns over interest rate hikes.
(This report incorporates quotes retrieved with the assistance of artificial intelligence).
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