U.S. stocks bounced back on Thursday from a steep selloff in the prior session, boosted by technology shares as investors shrugged off a cautious outlook from the Federal Reserve on interest rate cuts and focused on corporate earnings.
The U.S. central bank reduced borrowing costs by a widely-expected quarter of a percentage point on Wednesday, but Fed Chairman Jerome Powell signaled a series of further cuts was unlikely, leading to a sharp selloff on the S&P 500 and Dow.
Despite that, all three major indexes posted their second straight monthly gains in July, closing the book on a month in which the S&P 500 and the Nasdaq reached fresh record highs.
The S&P 500 technology sector, Wall Street's best performer so far this year, rose 2%, recovering from a 1.5% drop in the previous session, helped by shares of Microsoft Corp and Apple Inc.
The Dow Jones Industrial Average rose 270.23 points, or 1.01%, to 27,134.5 and the S&P 500 gained 28.29 points, or 0.95%, to 3,008.67. The Nasdaq Composite added 119.97 points, or 1.47%, to 8,295.39.
Source : Reuters