Wall Street zooms higher, Dow Jones gains 349 points

NEW YORK, New York – U.S. stocks rebounded Thursday despite a firmer oil price, and a continuing slide in Treasuries.

Buyers of technology stocks led the charge, pushing the Nasdaq Composite up 269.23 points, or 1.93 percent, to 14,191.84.

The Dow Jones Industrial Average advanced 349.44 points, or 1.02 percent, to 34,707.94.

The Standard and Poor’s 500 rose 63.92 points, or 1.43 percent, to 4,520.16.

The U.S. dollar continued its recent rally Thursday. “The sharp hawkish repricing of Fed rate hike expectations has mainly benefited the U.S. dollar against low yielding currencies whose own domestic central banks are expected to lag well behind the Fed in tightening policy,” MUFG currency analyst Lee Hardman, according to Reuters, wrote in a note to clients on Thursday.

The commodity currencies (Canadian, Australian, and New Zealand dollars), went against the trend, continuing their rally in line with spiking commodity prices.

The Japanese yen was the worst performer again, with the currency dropping to a more than six-year low of 122.34 by the New York close Thursday.

The euro was weaker at 1.0997. The British pound edged down to 1.3185. The Swiss franc firmed to 0.9300.

The Canadian dollar headed higher to 1.2525. The Australian dollar strengthened further to 0.7510. The New Zealand dollar rose to 0.6961.

On overseas equity markets, the Dax in Germany inched down 0.07 percent. London’s FTSE 100 gained 0.09 percent. The Paris-based CAC 40 fell 0.39 percent.

In Japan, the Nikkei 225 rose 70.23 points or 0.25 percent to 28,110.39.

China’s Shanghai Composite slid 20.77 points or 0.63 percent to 3,250.26.

The Australian All Ordinaries edged up 4.00 points or 0.05 percent to 7,669.00.

In New Zealand, the S&P/NZX 50 lost 43.39 points or 0.36 percent to 12,017.61.

The Kospi Composite in Seoul, South Korea declined 5.39 points or 0.20 percent to 2,729.66.

The Hang Seng in Hong Kong retreated 208.13 points or 0.94 percent to 21,945.95.

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