©Portal
By Yasin Ebrahim
Investing.com — The Dow closed higher on Thursday as dip-buying fever among downtrodden tech companies and the decline in Treasury yields underpinned stock sentiment.
It gained 1.1% or 345 points, it was 2.6% higher and it was up 1.8%.
Meta Platforms (NASDAQ:), which is down about 64% year-to-date, rallied 4%, followed by a nearly 3% rally in Apple (NASDAQ:) as the latter’s recent plunge to its lowest level since March 18 Months of decline brought buyers.
In addition to dip-buying momentum, Tech was also supported by a decline in Treasury yields after data pointed to stoked hopes of slowing wage growth and a less aggressive Federal Reserve.
The “job market remains very tight,” Jefferies said in a note, adding that “cracks will take a little longer to form” as claims rise from near historic lows.
Netflix (NASDAQ:), meanwhile, rose 5% after CFRA upgraded the stock to a buy from a sell and raised its price target to $310 from $225. one of the few profitable streaming providers with a global reach.”
Tesla (NASDAQ:) continued to recoup losses up 8% as some on Wall Street marked several key milestones that the electric-vehicle maker’s CEO, Elon Musk, must meet to lift sentiment for the stock .
Musk must “appoint a CEO of Twitter by the end of January; adopt a 10b5-1 plan so investors know there isn’t a major sell-off just around the corner […]; and set conservative deliveries and targets for 2023 given the darker macro,” Wedbush said in a note outlining the “top 10 things Musk needs to do in 2023 to keep TSLA sentiment positive.”
Energy prices rose more than 1%, shaking off weakness in oil prices after data showed the weekly price unexpectedly rose 718,000 barrels last week. That confused expectations for a draw of around 1.5 million.
Baker Hughes (NASDAQ:), ONEOK (NYSE:) and Halliburton (NYSE:) are up more than 2%.
In other news, Beyond Meat (NASDAQ:) rose 9% after McDonald’s Corporation (NYSE:) announced it would be launching Double McPlant across the UK from January 4th.