A trader works on the floor of the New York Stock Exchange, January 28, 2020.
Bryan R Smith | Reuters
Dow Jones Industrial Average rises 188 points
The Dow jumped 188.27 points, or 0.95%, to 20,087.19. The S&P 500 climbed 0.47% to close at 2,409.39. The Nasdaq Composite advanced 2.30% to 7,150.58. Strong gains in tech and energy stocks Thursday lifted the Dow off its lowest level since February 2017.
Turnaround Thursday
The Dow initially tumbled more than 700 points to start off Thursday’s session before swinging squarely into positive territory on the day. Leading the way higher on Wall Street were “FAANG” stocks, Facebook, Amazon, Apple, Netflix and Alphabet. Energy stocks also gave the broader market a boost as crude prices enjoyed their best day ever. Bottom line, market volatility will remain at extreme levels until market players get a sense that the coronavirus crisis is peaking out or improving.
‘FAANG’ jumps, energy shares rally
Facebook shares jumped 4.20% while Amazon gained 2.78%. Netflix shares rallied 5.25% while Alphabet climbed 1.88%. Noble Energy and Diamondback Energy were among the best-performing stocks in the S&P 500 energy sector, gaining 30.46% and 20.12%, respectively.
What happens next?
Existing home sales numbers are set for release Friday. Investors will also be vigilant for any updates on the coronavirus crisis.
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Gains in tech and energy stocks on Thursday lifted the Dow off its lowest level since February 2017.