Stocks climbed yesterday, as weeks of selling that have pushed the Dow Jones Industrial average into bear territory on Thursday before a late rally, tempted investors to get back into the market.
At the fore of the market's rebound were hard-hit technology shares, which traded higher in a follow-through from Thursday's gains. The strength in tech issues helped to snap a seven-week losing streak for the Nasdaq Composite Index, the first such downhill run in 21 years. Financial and industrial stocks also gained.
The Dow added 115.30 points to close at 9,504.78, according to the latest data, while the Nasdaq rose 31.28 points to 1,928.98. The benchmark Standard & Poor's 500 index added 22.32 points at 1,139.90.
"Eventually you just say these things are just too cheap to sell," said James Crawford, a portfolio manager at Trevor Stewart Burton & Jacobsen. "We could be looking at a half-decent rally [in the near-term]. Maybe not back to the old highs, but at least back to something you could make a little money on."
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