U.S. stocks rebound after heavy sell-off

Source: Xinhua| 2018-02-10 05:53:00|Editor: Zhou Xin

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A trader works at the trading floor of the New York Stock Exchange in New York, the United States, on Feb. 9, 2018. U.S. stocks ended higher on Friday after wild swings, a day after both the Dow Jones Industrial Average and the S&P 500 fell into correction territory. (Xinhua/Wang Naishui)

NEW YORK, Feb. 9 (Xinhua) -- U.S. stocks ended higher on Friday after wild swings, a day after both the Dow Jones Industrial Average and the S&P 500 fell into correction territory.

The Dow Jones Industrial Average jumped 330.44 points, or 1.38 percent, to 24,190.90. The S&P 500 increased 38.55 points, or 1.49 percent, to 2,619.55. The Nasdaq Composite Index gained 97.33 points, or 1.44 percent, to 6,874.49.

On Thursday, U.S. stocks plummeted, with the Dow sinking over 1,000 points, as the rise in yields continued to weigh on the market.

Both the Dow and the S&P 500 registered a 10 percent drop from their highs at the close Thursday, indicating a market correction by Wall Street's traditional definition.

It was the second time the Dow declined more than 1,000 points in one week. On Monday, the blue-chip index slumped 1,175.21 points, or 4.60 percent.

Investors also kept a close eye on the progress of the U.S. government's spending bill. U.S. nonessential government services were shutdown overnight but reopened Friday morning following Congressional passage of a temporary two-year 400-billion-U.S.-dollar spending bill that President Donald Trump signed Friday morning.

In corporate news, shares of FireEye, Inc. surged 9.35 percent to 15.44 U.S. dollars apiece on Friday after the software-security company reported its first-ever quarter of profitability.

The latest data from Thomson Reuters showed that the S&P 500 companies' blended earnings in the fourth quarter of 2017 are expected to rise by 14.7 percent year on year, while the revenues are forecast to increase by 8 percent.

For the week, all three major indices suffered big losses, with the Dow, the S&P 500 and the Nasdaq plunging 5.21 percent, 5.16 percent and 5.06 percent, respectively.