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The Dow Jones Industrial Average opened to sharp losses on Thursday and then promptly began a massive recovery that achieved what few on Wall Street thought it would today: cross the 26,000 mark on the back of a blockbuster rally.
Dow Reverses Early Losses to Jump Past 26,000
As of 2:53 pm ET, the Dow stood at 26,001.05, representing a gain of 255 points or 0.99 percent. The S&P 500 and Nasdaq posted even larger gains, with the former jumping 1.12 percent to 2,855.97 and the latter adding 1.44 percent to reach 7,838.44.
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As CCN reported, Dow futures traded as far as 100 points in the red before the opening bell, with many analysts blaming US President Donald Trump’s bombshell revelation that he does not foresee eliminating tariffs on Chinese imports, even as part of a comprehensive trade deal.
Apple Stock Climbs 4 Percent
Apple was the Dow’s top performer on Thursday. | Source: Yahoo Finance
However, tech stocks led a rapid stock market recovery, with Apple rising a full 4.03 percent to buttress the Dow, even as fellow components Boeing and JPMorgan dropped 0.86 percent and 1.69 percent, respectively. Other top performers included DowDuPont, which was up 2.16 percent, and Intel, which rose 1.95 percent.
Developing…Check back for updates
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