Wall Street ended its three-day losing streak on Thursday:
- The S&P 500 rose 36 points, or 0.8%, to 4,585.
- The Dow rose 62 points, or 0.1%, to 36,117.
- The Nasdaq rose 193 points, or 1.3%, to 14,339.
Big Tech stocks helped power the market higher, led by a 5.5% jump for Google's parent company, Alphabet, per the AP. Cerevel Therapeutics also jumped 10.8% after AbbVie announced an $8.7 billion deal to buy the company and its pipeline of candidates for schizophrenia, Parkinson's, and other diseases. AbbVie added 0.9%. Much of Wall Street's recent rally has been because of rising hopes that the Federal Reserve is finally done with its barrage of hikes to interest rates, which are meant to get high inflation under control. That has anticipation high ahead of a report on Friday, the government's latest monthly update on the job market.
Alphabet's jump on Thursday brought its gain for the year so far to just over 55%. A day earlier, it announced the launch of its Gemini artificial intelligence model. The announcement made few waves on Wall Street initially, and Alphabet's stock slipped Wednesday, but analysts at JPMorgan said in a report they "are encouraged to see Google's progress on this major technology shift." Alphabet was the single strongest force pushing the S&P 500 upward, but Apple, Amazon and Nvidia all also rose at least 1%. Another winner was JetBlue Airways, which climbed 13.6% after it said it may report better results for the final three months of the year than it earlier expected. It also slightly lowered the top end of its forecast for fuel costs during the end of 2023.
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