(MENAFN- AFP) Wall Street stocks Thursday snapped a two-day losing streak, surging after big US banks cleared Federal Reserve stress tests and the dollar retreated from a 12-year high.
At the closing bell, the Dow Jones Industrial Average was at 17,894.51, up 259.12 points (1.47 percent).
The broad-based S&P 500 jumped 25.61 (1.26 percent) to 2,065.85, while the tech-rich Nasdaq Composite Index rose 43.35 (0.89 percent) to 4,893.29.
Dow members JPMorgan Chase and Goldman Sachs and other large banks rose strongly after the Fed's stress-test review gave the green light for dividend increases and share repurchases.
The dollar retreated modestly after hitting a 12-year high on Wednesday. Despite the easing, investors are still worried a strong greenback will dent US exports, said Mace Blicksilver, director of Marblehead Asset Management.
"Enjoy the rally why it's here... but I don't think we're going to see new highs any time soon," he said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.