Stocks climbed Thursday as Wall Street attempted to recover its footing following another losing session for the S&P 500 and the Nasdaq Composite, while the corporate earnings season rolled on.
The S&P 500 gained 0.2%, while the Nasdaq advanced 0.1%. The Dow Jones Industrial Average traded 142 points higher, or 0.4%.
Credit bureau Equifax declined more than 9% on disappointing second-quarter guidance. Homebuilder D.R. Horton advanced more than 4% after quarter financials topped expectations.
More than 12% of S&P 500-listed companies have now reported earnings in what’s shaping up to be a positive season. Of those that have already posted results, 73% have surpassed Wall Street expectations for their individual performances, according to FactSet.
Thursday’s action comes a day after the S&P 500 and the Nasdaq registered their fourth consecutive losing session, a first for each since early January. Meanwhile, the 30-stock Dow fell for its seventh session in eight.
The recent market pullback adds to a more difficult second quarter on Wall Street.
All three major indexes are lower so far in April, in stark contrast to the stronger-than-expected market performance seen in the first quarter. The Dow, S&P 500 and the Nasdaq have also closed below their respective 50-day moving averages.
“The stock market has been declining in recent weeks because rate cut expectations have dropped significantly,” said Michael Landsberg, chief investment officer of Landsberg Bennett Private Wealth Management. “Investors are not surprisingly taking some profits after the strong market performance seen during the first quarter.”
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