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Dow climbs 199 points in late-day rebound led by stocks benefiting from reopening

U.S. stocks staged a late-day comeback on Thursday, boosted by economic comeback plays as the market rebounded from a two-day losing streak.

The S&P 500 closed 0.5% higher at 3,909.52, wiping out a 0.9% intraday loss. The Dow Jones Industrial Average gained 199.42 points, or 0.6%, to 32,619.48 after losing as much as 348 points. The Nasdaq Composite also eked out a 0.1% gain to close at 12,977.68 as some major technology stocks reserved losses. Tesla rose 1.6%, while Apple closed in the green.

Stocks that are tied to a successful economic reopening such as airlines and cruise line operators led the intraday rebound. American Airlines and United gained more than 4% each, while Norwegian Cruise Line and Carnival both rose over 2%. Boeing climbed 3.3%.

The market experienced some weakness earlier in the day as Federal Reserve Chairman Jerome Powell hinted at one day starting to remove the stimulus that has boosted the market during the pandemic.

Investors pored over a better-than-expected reading on weekly jobless claims. The Labor Department said first-time claims for unemployment insurance totaled 684,000 for the week ended March 20, lower than an estimate of 735,000 from economists surveyed by Dow Jones.

The 10-year Treasury yield gained just 1 basis point to 1.64%. The benchmark rate hit a 14-month high last week above 1.7%.

Reference: CNBC