Technology stocks led the S&P 500 higher Thursday, pushing the broad index toward its first gain in three trading sessions.
Shares of chip companies, IT services providers, electronic equipment and software companies all rallied, pulling tech stocks in the S&P 500 up about 1%. Those gains, while most other sectors were either marginally higher or trading in the red, led the S&P 500 up 0.2% in midday trading following two straight days of losses.
That also helped pull the Nasdaq Composite up 0.4%, while the Dow Jones Industrial Average, which has less exposure to tech compared with the S&P 500, was mostly flat after notching a record a day earlier.
Some solid earnings supported the gains, along with ongoing expectations of additional relief measures by Congress to support the economy, analysts and investors said. The latter got a boost after fresh data showed that 793,000 Americans applied for first-time unemployment benefits in the week ended Feb. 6, while new applications for the prior week were revised higher to 812,000.
“There is still obviously a significant number of jobs that have been lost, and there is clearly a need for more fiscal support,” said Shoqat Bunglawala, head of multiasset solutions, international, at Goldman Sachs Asset Management.