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.
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%.
Some investors have been taking profits in their growth winners which led the market's rebound from the pandemic losses last year. Netflix has fallen 6.7% this month, while Tesla is down more than 5%. Pandemic winner Zoom Video has dropped nearly 16% in March. Investors pored over a better-than-expected reading on weekly jobless claims. The Labor Department said first-time claims for unemployment insurance, lower than an estimate of 735,000 from economists surveyed by Dow Jones.
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