By Hilary Russ
NEW YORK (Reuters) - U.S. stocks closed higher on Thursday as industrials rebounded and technology names soared, while commodities recovered and the dollar held steady after concerns over an escalating U.S. trade war with China took a breather.
Technology companies - including Facebook
Metals also made a comeback, with bargain-hunting investors scrambling to buy, while oil prices steadied.
The Dow Jones Industrial Average <.DJI> rose 224.44 points, or 0.91 percent, to 24,924.89, the S&P 500 <.SPX> gained 24.27 points, or 0.87 percent, to 2,798.29 and the Nasdaq Composite <.IXIC> added 107.31 points, or 1.39 percent, to 7,823.92.
"While markets have typically reacted negatively to any escalation on trade, the overall impact has been relatively modest under the circumstances which suggests investors are far from panic mode right now," Craig Erlam, Oanda senior market analyst, said in a note.
Reporting of quarterly earnings is set to pick up steam on Friday with the big Wall Street banks, and overall S&P 500 companies are expected to post second-quarter profit growth of around 21 percent, according to Thomson Reuters I/B/E/S.
The pan-European FTSEurofirst 300 index <.FTEU3> rose 0.78 percent and MSCI's gauge of stocks across the globe <.MIWD00000PUS> gained 0.63 percent.[nL8N1U81RA]
Positive U.S. jobless data on Wednesday provided a market boost, with labor market conditions remaining robust in early July.
In addition, a consumer prices report indicated the underlying trend continued to point to a steady buildup of inflation pressure that could keep the Federal Reserve on a path of gradual interest rate hikes.
In part, currency investors may see positive implications for the dollar from a trade war, as the United States would be better equipped to weather a slowdown in trade than other major economies. [nL1N1U80WL]
The Japanese yen
Benchmark 10-year notes
Oil prices in the prior session had their biggest one-day fall in two years. But they steadied on Thursday despite a warning from the International Energy Agency that the world's oil supply cushion "might be stretched to the limit" due to production losses.
Metals prices recovered after a meltdown following Trump's threats on Tuesday for 10 percent tariffs on another $200 billion of Chinese goods.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)