Markets Regain Big Chunk of Wednesday's Selloff

Dow rises more than 400 points
By Newser Editors and Wire Services
Posted May 13, 2021 3:07 PM CDT

(Newser) – Stocks rebounded strongly Thursday from Wednesday's selloff. Technology stocks, which were hurt badly earlier in the week, were among the bigger gainers. Apple, Microsoft, and Google's parent company were all up 1% or more in afternoon trading, per the AP. The Dow rose 433 points, or 1.2%, to 34,020; the S&P 500 rose 49 points, or 1.2%, to 4,112; and the Nasdaq rose 93 points, or 0.7%, to 13,124. “Investors have kind of gotten conditioned about when there's volatility and when there are pullbacks: step in and buy the dip, and you will be rewarded in short order,” said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute.

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Recent economic reports have left many investors uneasy. Last week’s jobs report showed fewer employers hiring than had been expected, and on Thursday the government reported that wholesale prices jumped 0.6% last month, driven by higher costs for services and food. That was more than expected and the latest indication that inflation pressures are mounting. Rising prices reflect growing economic activity after last year’s global shutdown to fight the coronavirus pandemic. However investors worry inflation might disrupt the recovery or prompt central banks to withdraw stimulus and near-zero interest rates. “The capital markets are clearly grappling in a tug of war,” said Bill Northey, senior investment director at US Bank Wealth Management.

(Read more stock market stories.)

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