Stocks took a beating Thursday, with the Dow Jones industrial average dropping 723 points amid worsening fears of a trade war. The drop came as President Donald Trump announced new tariffs on nearly $60 billion worth of Chinese goods. Trump insists the tariffs stop other countries from taking advantage of America.
U.S. stocks rose on Tuesday as technology shares cut sharp losses from the previous session, CNBC reported.
The Dow Jones industrial average closed 389.17 points higher at 24,033.36 with Nike as the best-performing stock in the index. The S&P 500 gained 1.3 percent to close at 2,614.45, with tech rising 1 percent and energy leading. The Nasdaq composite advanced 1 percent to 6,941.28.
"So far, this is a reaction to an oversold condition," said Bruce Bittles, chief investment strategist at Baird. "What we're looking for now is an upside volume explosion" of nine stocks rising for every declining stock to confirm a new upward trend is starting out. "Unless we get that, all rallies are suspect."
