The stock market's roller-coaster ride continued Thursday. The three major averages clawed back the previous session's losses to each close higher.
Technology led the way, with chip stocks seeing outsized gains. Nvidia was the best-performing stock in the S&P 500, rallying 9.8%.
The moves came as first-time jobless claims released Thursday totaled 187,000 last week — the lowest level since 1969. The data boosted confidence in economic growth as investors opted for riskier assets. |
Some market participants urged caution even as stocks climbed, emphasizing the uncertainty of the Russia-Ukraine conflict and the Federal Reserve's rate hiking cycle.
Josh Brown, CEO of Ritholtz Wealth Management, told CNBC's "Halftime Report" he was surprised by the strength of the rally in recent days. He was also worried that some investors were not taking seriously the possibility that the situation in Ukraine may worsen instead of resolving relatively soon.
"There is no reason whatsoever right now for the average investor to be acting like they have all the conviction in the world," Brown said. "Be smart, preserve flexibility, preserve optionality, don't be a hero." |
