Wall St. rebounds as earnings roll in, short worries ease

📆 1/28/2021 5:35 PM
📰 ChannelNewsAsia

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Wall Street's main indexes jumped on Thursday as mega-cap technology stocks tried to regain lost ground following a sharp sell-off after fears ...

NEW YORK: U.S. stocks rebounded on Thursday from sharp losses in the prior session in a broad rally as earnings season got off to a strong start and fears eased around hedge funds selling long positions to cover shorts.

"You come into today and so many companies have beat estimates and yeah, maybe some of them are a little weak, because they were strong going in," said Andrew Slimmon, senior portfolio manager at Morgan Stanley Investment Management in Chicago. The Dow Jones Industrial Average rose 489.17 points, or 1.61per cent, to 30,792.34, the S&P 500 gained 66.88 points, or 1.78per cent, to 3,817.65 and the Nasdaq Composite added 193.25 points, or 1.46per cent, to 13,463.85.

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