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Home / Business / US stocks-U.S. Stocks jump into an optimistic quarter in a turbulent quarter

US stocks-U.S. Stocks jump into an optimistic quarter in a turbulent quarter



* US stocks are ready to end the rocky week in positive territory

* S & P, Dow on track for Worst Quarter in over 2 years

* Tech stocks carry gains at S & P , Nasdaq

* Indices up: Dow 1.53 pct, S & P 1.61 pct, Nasdaq 1.97 pct (late afternoon updates, Byline changes)

By Stephen Culp

NEW YORK, March 29 (Reuters) – Wall Street jumped on Thursday, and was on the way to ending a holiday curve and a turbulent week in positive territory as investors returned to technology stocks.

At the end of March, the S & P 500 and the Dow Jones Industrial Average, with their worst quarterly losses in more than two years, were on their way.

"Markets are closing a weak quarter as they adjust to a new regime of higher interest rates, potentially higher inflation and political uncertainty," said David Carter, chief investment officer at Lenox Wealth Advisors in New York. "Fundamentals, such as economic growth and equity valuations, remain supportive."

The year began strong, but early gains vanished as markets corrected over interest rate fluctuations, fears of a global trade war and a sell-off in the tech sector.

Stock prices reversed on Thursday as the S & P 500 Information Technology Index rose 2.5 percent and catapulted the S & P 500 up more than 1

percent, with Dow and Nasdaq also up.

Technology profits were led by Facebook, Apple, Alphabet and Microsoft stocks.

"Technology rebounded after weak days, as the sector is one of the few to offer very strong growth in the near future," said Carter.

At 2:13 ET, the Dow Jones Industrial Average surged 365.84 points, or 1.53 percent, to 24,214.26, the S & P 500 up 41.9 points or 1.61 percent to 2,646.9 percent the Nasdaq Composite up 136.93 points or 1.97 percent to 7,086.15.

The trading volume was just before the long holiday weekend.

Investors were unimpressed by economic reports showing a slight increase in consumer spending and initial jobless claims, reaching more than a 45-year low.

In other data, private consumption expenditure (PCE) rose 1.6 percent year-on-year. The price index is the US Federal Reserve's preferred inflation measure and has been below the central bank's target of 2% since mid-2012.

Amazon.com climbed 1.0 percent and rebounded a 4.6 percent decline after President Donald Trump criticized the online retailer on Twitter early Thursday, claiming without proof that the company had "little to no Taxes payable to state and local governments "[196592002] Stock prices plunged earlier in the week when comments from officials in the United States and China said the world's two largest economies renegotiated tariffs and trade imbalances and prevented a trade war.

But fears of the trade war prompted global investors to cut their equity exposure to a four-month low in March and reduce their holdings of US equities to their lowest levels in nearly two years, according to a Reuters survey.

Progressive problems outnumbered the decline on the NYSE by a ratio of 5.03 to 1; on the Nasdaq favored a ratio of 3.57 to 1 pioneer. (Reporting by Stephen Culp section by Susan Thomas)


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