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Tech Stocks Help U.S. Stock Indexes Recover from Previous Slide

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Tech Stocks,U.S. Stock Indexes,Slide

Jumps for Big Tech stocks helped U.S. stock indexes claw back much of their slide from the day before, when worries that interest rates may stay high for a while rocked Wall Street.

The Producer Price Index in March rose 0.2% from the previous month, a lower rate of growth than economists had forecastNEW YORK — The S&P 500 rose 0.7% Thursday. The Nasdaq composite jumped 1.7% to set a record. The Dow Jones Industrial Average edged down by less than 0.1%. Apple was the strongest single force pushing the market upward, and Amazon climbed to set a record, topping its prior high set in 2021.

The update doesn’t offset Wednesday’s disappointingly high report on inflation at the U.S. consumer level, “but it may ease investor nerves, at least in the short term,” said Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley. All this is coming at a time when critics had already been calling the U.S. stock market too expensive following its leap of more than 20% since Halloween. For stock prices to look more reasonable, without requiring sharp drops, either interest rates would need to fall or corporate profits would need to strengthen.

Alpine Immune Sciences soared 36.9% after Vertex Pharmaceuticals agreed to buy the biotechnology company for $4.9 billion in cash. Vertex added 1%

 

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