Stocks surged sharply across the board Thursday, with the S&P and Nasdaq wiping out the previous session’s losses, as investors snapped up beaten-down sectors.
The Dow Jones Industrial Average pared back from its highs, but still closed well above the psychologically-significant 11,000 level. The blue-chip has alternated between sharp gains and losses over the past eight days and has logged its fourth straight closing change of over 400 points for the first time.
The S&P 500 and Nasdaq also rallied to erase all of the previous session’s losses. The CBOE Volatility Index, widely considered the best gauge of fear in the market, fell below 38.
All 10 S&P sectors gained, led by financials and energy.