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* Peloton tumbles after report co is pausing production
* Travelers up after reporting record quarterly profit
* Baker Hughes jumps on posting Q4 profit
* Indexes up: Dow 0.76%, S&P 0.9%, Nasdaq 1.23%
(Updates with mid-afternoon trading)
Jan 20 (Reuters) - Wall Street's main indexes rebounded on
Thursday with solid gains for technology and growth shares as
Treasury yields steadied and investors sought bargains a day
after the Nasdaq fell into correction territory.
All 11 major S&P 500 sectors were higher. Megacap stocks
gave the biggest individual boosts to the S&P 500, with
Microsoft up 1.7% and Tesla up 3.8%.
Stocks were regaining some ground after a steep sell-off to
start the week, with the Nasdaq on Wednesday closing 10.7% below
its November all-time high, confirming it was in a correction.
The fact that the Nasdaq had dipped into correction
territory probably brought in some buyers who felt as though it
had gotten overdone, said David Joy, chief market strategist at
The Dow Jones Industrial Average rose 267.62 points,
or 0.76%, to 35,296.27, the S&P 500 gained 40.77 points,
or 0.90%, to 4,573.53 and the Nasdaq Composite added
175.69 points, or 1.23%, to 14,515.94.
Putting a damper on Thursday's rebound for growth stocks,
shares of Peloton Interactive https://www.reuters.com/business/retail-consumer/peloton-pause-production-bikes-treadmills-demand-wanes-cnbc-2022-01-20
tumbled 15% after CNBC reported that the exercise bike
maker is pausing production of its connected fitness products as
demand wanes and the company looks to control costs. Peloton was
one of the mainstays of the stay-at-home trade in 2020.
Stocks have gotten off to a rocky start in 2022, as a fast
rise in Treasury yields amid concerns the Federal Reserve will
become aggressive in controlling inflation has particularly hit
tech and growth shares. The benchmark S&P 500 is down about 4%
so far this year.
Treasury yields were relatively steady on Thursday, after
dropping from two-year highs on Wednesday.
Just the fact that they have not gone any higher... at
least for the day it's a welcome reprieve from the steady march
higher that we have experienced, Joy said.
Investors are also turning to fourth-quarter earnings
reports as they start to roll in.
Shares of Travelers Cos https://www.reuters.com/business/finance/us-insurer-travelers-posts-record-profit-investment-returns-2022-01-20
rose 4.9% after the property and casualty insurer
reported a record quarterly profit.
Baker Hughes https://www.reuters.com/business/energy/baker-hughes-posts-q4-profit-higher-oil-prices-spur-drilling-demand-2022-01-20
shares rose 4.5% after the company reported an adjusted
quarterly profit and topped analysts' earnings expectations as
higher energy prices fuel demand for its equipment and services.
Streaming giant Netflix was set to report after
market close on Thursday, in one of the early reports for big
Data on Thursday showed the number of Americans filing new
claims for unemployment https://www.reuters.com/world/us/us-weekly-jobless-claims-increase-amid-omicron-surge-2022-01-20
benefits unexpectedly rose last week, likely as a winter wave
of COVID-19 infections disrupted business activity.
Advancing issues outnumbered declining ones on the NYSE by a
2.41-to-1 ratio; on Nasdaq, a 2.05-to-1 ratio favored advancers.
The S&P 500 posted 11 new 52-week highs and one new low; the
Nasdaq Composite recorded 15 new highs and 162 new lows.
(Reporting by Lewis Krauskopf in New York, Bansari Mayur Kamdar
and Shreyashi Sanyal in Bengaluru; Editing by Aditya Soni and