NEW YORK, New York – Wall Street roared back to life on Thursday after six straight day of losses.
Volatility, however, rules with the Dow at one stage being down more than 500 points. Fears of inflation and higher interest rates continue to spook the markets, despite Thursday’s relief rally.
“Maybe we get this last gasp higher in inflation, and from here, we start to decelerate,” Liz Ann Sonders, chief investment strategist at Charles Schwab told CNBC Thursday.
“I think there’s still plenty of things that could drive volatility, and intraday swings are just the nature of the beast right now,” she added.
In the end, the Dow Jones industrials closed out the day Thursday with an 827.87 points or 2.83 percent gain at 30,038.72.
The tech-laden Nasdaq Composite advanced 232.05 points or 2.23 percent to 10,649.15.
The Standard and Poor’s 500 rose 92.88 points or 2.60 percent to 3,669.91.
On foreign exchange markets, the U.S. dollar’s fortunes swayed back and forth in line with equity markets. At the finish, the euro had advanced 0.9774. The British pound jumped to 1.1319. The Canadian dollar rose to 1.3756. The Australian dollar increased to 0.6291. The New Zealand dollar was in demand at 0.5634.
On the other side of the ledger, the Japanese yen weakened sharply to 147.28. The Swiss franc declined to 0.9997.
On overseas equity markets, the FTSE 100 in London gained 0.35 percent. The German Dax rose 1.57 percent. The Paris-based CAC 40 added 1.04 percent.
The Hang Seng in Hong Kong tumbled 311.92 points or 1.87 percent to 16,389.11.
The Nikkei 225 in Japan shed 123.89 points or 0.47 percent, to close Thursday at 26,272.91.
The Australian All Ordinaries slipped 7.80 points or 0.11 percent to 6,834.50.
South Korea’s Kospi Composite declined 31.18 points or 1.42 percent to 2,171.29.
In New Zealand, the S&P/NZX 50 fell 55.75 points or 0.51 percent to 10,817.48.
The Shanghai Composite was off 9.15 points or 0.30 percent at 3,016.36.