Investing.com – The Dow closed well above its lows The Wall Street Journal reported that the Fed could put the brakes on rate hikes, while the rebound in beaten-down tech stocks also lifted sentiment.
The fell 0.32%, recovering from session lows of 24.242 to 24.947.67. The fell 0.15%, while the rose 0.42%.
The Wall Street Journal reported the Federal Reserve is expected to adopt a wait-and-see approach at its upcoming meeting next month.
The Federal Reserve may overshoot on policy tightening.
Energy recouped losses as U.S. moved off lows after the Energy Information Administration's weekly petroleum data showed domestic raw supplies fell sharply. But U.S. production, which stayed at record highs, staved off a more meaningful recovery.
Exxon Mobil (NYSE 🙂 fell 1.3%, Chesapeake Energy (NYSE 🙂 fell 6% and Marathon Oil (NYSE 🙂 fell 3.6%.
Stocks got off to start early Thursday after the arrest of Huawei Chief Financial Officer Meng Wanzhou in Canada, reportedly at the behest of U.S. officials, raised fears that the fragile trade war ceasefire between the United States and China may collapse.
After a steep dive, Boeing (NYSE 🙂 and Caterpillar (NYSE :), clawed back their losses to the end of the day down about 0.6%.
Elsewhere, bank stocks, which have under pressure from an ongoing slump in U.S. government bond yields, were thrown into further turmoil after Citigroup (NYSE 🙂 hinted at a profit warning on Wednesday.
Citigroup CFO John Gerspach said Wednesday the bank expects to be lower than last year, sending the stock more than 3.5% lower.
Weakness in shares of Apple (NASDAQ :), meanwhile, kept a lid on gains in the broader tech sector after smartphone camera lens supplier Largan (TW 🙂 reported to 29% slump in its sales for November from a year earlier, pointing to weakness in smartphone demand.
Among other FANG stocks, Facebook (NASDAQ 🙂 rose 1% shrugging off to Stifel downgrade to hold on to worries that potential political and regulatory blowback may lead to restrictions on how the social media giant operates over time.
Sentiment on stocks were given a further boost after the U.S. Friday, September 30, 2008, a lawyer's note, a lawmaking, a lawmaking, a lawmaking lawmaking
Top S & P 500 Gainers and Losers Today:
Weyerhaeuser (NYSE :), Hewlett Packard Enteprises (NYSE 🙂 and Kimco Realty (NYSE 🙂 were among the top S & P 500 gainers for the session.
SVB Financial Group (NASDAQ :), TechnipFMC (NYSE 🙂 and Cimarex Energy (NYSE 🙂 were among the worst S & P 500 performers of the session.
– Reuters contributed to this report.