Published: Mon, April 02, 2018
Markets | By Erika Turner

Wall Street up more than 1% on last day of tumultuous quarter

Wall Street up more than 1% on last day of tumultuous quarter

The Dow Jones Industrial Average advanced 254.69 points (1.07 per cent) to end at 24,103.11, while the broad-based S&P 500 jumped 35.87 points (1.38 per cent) to 2,640.87.

For the holiday-shortened week, all three major indices posted solid gains, with the Dow, the S&P 500 and the Nasdaq jumping 2.4 percent, 2.0 percent and 1.0 percent, respectively.

The tech-rich Nasdaq Composite Index, after two bruising sessions, gained 114.22 points (1.64 per cent) to close the week at 7,063.45.

Shares of Facebook, Netflix (NFLX.O), Apple (AAPL.O) and Alphabet (GOOGL.O) were up between 0.68 percent and 1.6 percent in premarket trading, with Amazon the only laggard among the FAANG stocks.

Technology companies powered USA stocks to solid gains Thursday, snapping the market's two-day losing streak.

The Dow is down 2.5 percent for the year, while the S&P 500 is off 1.2 percent.

Consumer spending, which accounts for more than two-thirds of US economic activity, increased 0.2 percent last month after a similar gain in January.

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Sandven said the market's first-quarter performance has tempered expectations for the rest of the year after the market's strong start in January.

But the gains could not prevent the indexes from closing the month with losses. "It's entirely possible - likely, even - consumption will recover now that the saving rate has risen a percentage point from its recent low", said Chris Low, chief economist at FTN Financial, in a note.

Technology stocks, which were big decliners earlier in the week, powered much of the market's climb Thursday.

U.S. stocks jumped on Thursday as technology shares bounced back from a sharp selloff ahead of a long weekend that will mark the end of a turbulent quarter for Wall Street.

The group is up 14 percent so far this year, but privacy concerns in the wake of Facebook's scandal almost two weeks back has wiped $400 billion off their value.

Shares in several companies that reported improved quarterly earnings or outlooks got a boost.

Solid results and a better-than-expected outlook also gave Movado Group shares a lift.

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