NEW YORK: U.S. stocks closed higher on Thursday, bouncing from sharp losses in the prior session, thanks to a broad rally as earnings season got off to a strong start and fears lessened around hedge funds selling long positions to cover shorts.
"By and large the surprises have been positive, even more so than typical and by and large companies are showing positive operating leverage where they are able to grow earnings a little bit faster than they are able to grow revenue," said Ellen Hazen, portfolio manager at F.L.Putnam Investment Management in Wellesley, Massachusetts.
"Trading platforms are not going to want to stick their necks out and be on the frontline of what they may see as a reckless war, in part, against the elite and the system of Wall Street that's being democratized by information and the social media," said Eric Schiffer, chief executive officer of private equity firm the Patriarch Organization.
A Commerce Department report showed fourth-quarter gross domestic product increased at a 4per cent annualized rate, in line with expectations, as the virus and lack of another spending package curtailed consumer spending, while a separate report showed 847,000 more people filed jobless claims last week, lower than the 875,000 estimate.
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