Wall Street Up 2% As Investors Recover Short Bets

US stocks surged to close more than 2% higher on Thursday, Oct. 13, 2022, as technical support and investors covering short bets drove a dramatic rebound from a selloff earlier in the day, Caroline Valetkevitch reported for Reuters.

Photo Insert: Advancing issues outnumbered declining ones on the NYSE by a 2.24-to-1 ratio; on Nasdaq, a 2.10-to-1 ratio favored advancers.

The reversal marked a jump of nearly 194 points in the S&P 500 from its low of the session to its high, the biggest intraday jump for the index since Jan. 24. Financials and energy led gains among S&P 500 sectors.

The market initially dropped after data showed the headline consumer price index rose at an annual pace of 8.2% in September, compared with an estimated 8.1% rise. Some strategists also pointed to some technical support levels around the 3,500 mark for the S&P 500.

The Dow Jones Industrial Average rose 827.87 points, or 2.83%, to 30,038.72, the S&P 500 gained 92.88 points, or 2.60%, to 3,669.91 and the Nasdaq Composite added 232.05 points, or 2.23%, to 10,649.15.

Advancing issues outnumbered declining ones on the NYSE by a 2.24-to-1 ratio; on Nasdaq, a 2.10-to-1 ratio favored advancers.

The S&P 500 posted three new 52-week highs and 172 new lows; the Nasdaq Composite recorded 51 new highs and 600 new lows. Volume on US exchanges was 13.39 billion shares, compared with a roughly 11 billion average for the full session over the last 20 trading days.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic