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The S&P 500 traded into the green on Thursday after some solid housing data assuaged some concerns about the U.S. economy falling into a recession.
The Dow Jones Industrials leaped 257.25 points to kick off Thursday at 42,221.88.
The broader index prospered 30.91 points to 5,706.20.
The NASDAQ marched ahead 122.7 points to 17,873.49. The tech-heavy index’s rise was supported by gains in megacap technology stocks like Meta Platforms, gaining 4% and Amazon, which advanced more than 1%.
New economic data released Thursday showed that economic worries might actually be overblown. Data from the National Association of Realtors showed that sales of previously owned homes in February rose 4.2% from January, while industry analysts had expected a 3% drop. Additionally, jobless claims were only up slightly last week while layoffs remain low.
Prices for the 10-year Treasury gained ground Thursday, sending yields down to 4.22% from Wednesday’s 4.25%. Treasury prices and yields move in opposite directions.
Oil prices were higher 0.94 cents to $68.10 U.S. a barrel.
Prices for gold hiked $3.10 an ounce to $3,044.30 U.S.
