All three major US stock indexes notched solid gains, with the Nasdaq, weighed by Tesla Inc, picking up the rear.
Wall Street ended sharply higher at the close of a broad rally on Thursday, bouncing back from three straight days of selling on upbeat labour market data.
All three major United States stock indexes notched solid gains, with the Nasdaq, weighed by Tesla Inc, picking up the rear. Meanwhile, cyclical shares enjoyed the biggest gains.
The Dow Jones Industrial Average rose 433.79 points, or 1.29 percent, to 34,021.45; the S&P 500 gained 49.46 points, or 1.22 percent, to 4,112.5; and the Nasdaq Composite Index added 93.31 points, or 0.72 percent, to close at 13,124.99.
Recent economic data has prompted inflation fears as scarcity of both materials and workers threatens to send prices surging in the face of a demand boom.
“If this is a footrace, supply chains are still tying their shoes,” said David Carter, chief investment…