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Overnight Markets: Dow, S&P surge on energy and industrials

But shares ended the session well off their intraday highs as financial and health-care shares slid into negative territory.

Overnight Markets: Dow, S&P surge on energy and industrials

The Dow and the S&P 500 closed higher on Thursday to halt a two-session losing skid, following upbeat data on the labour market and buoyed by gains in industrial and energy shares.

The Dow Jones Industrial Average added 165 points, or 0.66%, to 24,962, the S&P 500 gained three points, or 0.10%, to 2,704, and the Nasdaq Composite dropped eight points, or 0.11%, to 7,210.

Major indexes advanced early as worries about a faster pace of interest rate hikes by the US Federal Reserve were eased by comments by St. Louis Fed President James Bullard, who expressed concerns that a “bunch of hikes” could turn Fed policy restrictive.

But socks ended the session well off their intraday highs as financial and health-care shares slid into negative territory in the afternoon.

Benchmark 10-year US Treasury yields retreated from the more than four-year highs hit on Wednesday.

Industrial shares climbed 0.59%, led by a 3.04% gain in Quanta Services Inc after its quarterly results and a 3.34% rise in United Technologies Corp after the aero parts maker said it is exploring a breakup of its business portfolio.

Energy stocks, up 1.08%, also helped support gains, as oil prices advanced on a surprise draw in US crude inventories.

Chesapeake Energy Corp shares surged 21.67%, their biggest daily percentage gain since April 2016, after the company’s quarterly results and outlook.

On the other hand, shares in Roku Inc. plunged 18% in heavy trading after the streaming-media company issued a disappointing outlook late Wednesday, along with better-than-expected quarterly earnings.

Pandora Media Inc.’s stock shed 7.2% after the music service late Wednesday posted stronger-than-expected quarterly revenue, although the adjusted net loss was wider than consensus estimates.

Car-rental giant Avis Budget Group Inc. gained 13.5% after its better-than-anticipated results.

Wayfair Inc. shares sank 23% after the online home retailer reported a wider-than-expected fourth-quarter loss.

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