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Wall Street rebounds as earnings heat up, short worries cool

The Dow Jones Industrial Average rose 300.19 points, or 0.99%, to 30,603.36, the S&P 500 gained 36.61 points, or 0.98%, to 3,787.38 and the Nasdaq Composite added 66.56 points, or 0.5%, to 13,337.16.

January 29, 2021 / 07:45 AM IST

US stocks closed higher on Thursday, bouncing from sharp losses in the prior session, thanks to a broad rally as earnings season got off to a strong start and fears lessened around hedge funds selling long positions to cover shorts.

Heavyweights, including Microsoft Corp, and Alphabet Inc, were among the biggest boosts to the S&P 500, a day after the three major U.S. indexes suffered their biggest daily percentage drop in three months.

Apple reported holiday-quarter sales and profit that beat Wall Street expectations. However, shares of the iPhone maker fell 3.50% after climbing about 7% to start the year.

With quarterly earnings season in full swing, market participants have looked to whether companies could justify high valuations, with the forward price-to-earnings ratio on the benchmark S&P index near 20-year highs at almost 22.7.