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The S&P 500 rose Wednesday to snap a three-day string of losing sessions.
The Dow Jones Industrials thundered higher 477.75 points, or 1.2%, to 39,760.08.
The much-broader index spiked 44.91 points to 5,248.49.
The NASDAQ climbed 83.82 points to 16,399.52.
Wednesday’s best-performing stocks in the S&P 500 include Cintas, up 7% on the back of better-than-expected earnings. Shares of Merck were up nearly 5%, hitting a new all-time high, after the U.S. Food and Drug Administration approved Winrevair, the company’s life-threatening lung condition treatment, for use among patients with pulmonary arterial hypertension.
Those moves follow three negative days for the S&P 500 and the Dow after stocks closed at record levels last week. Despite the recent pullback, all three major indexes are still on pace to end the trading month and quarter, which both conclude with Thursday’s closing bell, in the green.
As of Tuesday’s close, the S&P 500 has added 2.9% in the month and 9.9% in the quarter. The NASDAQ has climbed 1.9% in March and 9.2% during the three-month period, while the Dow has added 1.9% and 5.4% during the respective periods.
Later in the week, investors will watch for data on jobless claims, gross domestic product and consumer sentiment on Thursday. While the market is closed on Good Friday, attention will be on releases tied to personal income, consumer spending and the personal consumption expenditures expected in the morning.
Prices for the 10-year Treasury nicked up, lowering yields to 4.19% from Tuesday’s 4.23%. Treasury prices and yields move in opposite directions.
Oil prices poked up 10 cents to $81.72 U.S. a barrel.
Gold prices picked up $15.40 to $2,214.60 U.S. an ounce.
