NEW YORK, Jan 3 — Wall Street stocks rallied on the first trading day of the year, picking up in spite of recession warnings and expectations of elevated interest rates.
The broad-based S&P 500 jumped 0.6 percent to 3,864.02, and the tech-rich Nasdaq Composite Index surged 1.0 percent to 10,565.98. “What we have this morning is some bargain-hunting activity” in both the stock and bond market, said Patrick O’Hare of Briefing.com in a note.