WASHINGTON (dpa-AFX) - Stocks have moved sharply higher during trading on Thursday, rebounding following the sell-off seen late in the previous session. The major averages have all moved to the upside, with the tech-heavy Nasdaq leading the charge.
Currently, the Nasdaq is up 617.36 points or 2.5 percent at 25,060.30. The S&P 500 is also up 86.61 points or 1.2 percent at 7,402.76, while the narrower Dow is posting a more modest gain, up 273.97 points or 0.5 percent at 51,868.11.
The recovery rally on Wall Street largely reflects strength among technology stocks, as reflected by the surge by the Nasdaq.
Bargain hunting has contributed to the strength among tech stocks after the Nasdaq plunged to a three-month closing low on Wednesday. The Dow and the S&P 500 also ended the session at their lowest closing levels in well over a month.
Microsoft (MSFT) has helped lead the tech rally, with the software giant soaring by 15.7 percent are reporting better than expected quarterly earnings amid strength in its Azure business.
Semiconductor stocks are turning in some of the tech sector's best performances, resulting in a 8.0 percent spike by the Philadelphia Semiconductor Index. The index is bouncing off a three-month closing low.
Shares of Lam Research (LRCX) are skyrocketing by 22.2 percent after the semiconductor equipment maker reported fiscal fourth quarter results that exceeded estimates.
With Microsoft leading the way higher, substantial strength is also visible among software stocks, as reflected by the 7.7 percent surge by the Dow Jones U.S. Software.
Outside of the tech sector, airline stocks are seeing considerable strength amid a pullback by the price of crude oil, with the NYSE Arca Airline Index jumping by 3.6 percent.
Gold, brokerage and oil service stocks are also turning in strong performances, while pharmaceutical, healthcare and housing stocks are also showing significant moves to the downside.
Shares of Meta Platforms (META) are also bucking the uptrend, with the Facebook parent plunging by 9.1 percent after providing disappointing revenue growth guidance.
On the U.S. economic front, the Commerce Department released a report showing consumer prices edged down in line with estimates in the month of June. The annual rate of growth also slowed in line with expectations.
In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance on Thursday. Japan's Nikkei 225 Index advanced by 0.7 percent, while China's Shanghai Composite Index slid by 0.6 percent.
Meanwhile, the major European markets have all moved to the upside on the day. While the French CAC 40 Index is up by 1.1 percent, the German DAX Index is up by 0.6 percent and the U.K.'s FTSE 100 Index is up by 0.1 percent.
In the bond market, treasuries have climbed off their worst levels and an early slump but remain firmly in the red. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 3.3 basis points at 4.655 percent.
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