Stock Market Today: Stocks turn higher as solid jobs data supports Fed rally
With the Fed decision behind it, markets are now likely to focus on the April 2 tariff deadline.
U.S. stocks turned higher in mid-day Thursday trading, while Treasury bonds retreated and the dollar held onto recent gains, as investors parsed a surprisingly dovish Federal Reserve rate decision while cautiously eyeing changes to President Donald Trump's tariff plans over the coming weeks.
Updated at 12:02 PM EDT
Back in black
Stocks are finding their footing heading into the afternoon session, with solid jobs data and a dovish Federal Reserve adding to this week's broader 'bargain hunting' tailwind in the wake of the S&P 500's fall into correction territory.
The benchmark was last seen 20 points, or 0.33% higher on the day, with the Dow rising 194 points and the Nasdaq up 70 points, or 0.4%.
"While the bottom of the recent correction is likely in, we probably haven’t seen the end of volatility. Policy uncertainty hasn’t disappeared, and the market remains sensitive to sentiment shifts," said Daniel Skelly, head of Morgan Stanley's wealth management market research & strategy team.
"With the S&P 500 still relatively close to correction territory, we do now see compelling opportunities in quality companies, especially for investors looking to average their way into positions," he added.
"Our preferred areas remain financials and industrials, which will likely benefit from deregulation and reshoring, respectively, later this year. Also, AI adopters look attractive, especially in sectors like healthcare and consumer internet, which are less exposed to tariff risk," Skelly said.
US stocks' best 2-day relative rally to ex-US in more than 4 months $VTI $VEU pic.twitter.com/hYZgfXak8Z— Mike Zaccardi, CFA, CMT
