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Wall St opens higher as tech stocks recover

Tech industrial stocks lead market to gains ahead of holiday weekend

Technology companies powered USA stocks to solid gains Thursday, snapping the market's two-day losing streak.

The Dow Jones Industrial Average jumped 254.69 points, or 1.07 percent, to 24,103.11.

But worries that retaliatory tariffs would harm the global economy led investors to cut equity exposure to a four-month low in March and reduce holdings of USA stocks to the lowest in almost two years, according to a Reuters poll.

USA stock markets will be closed today for the Good Friday observance.

For the holiday-shortened week, all three major indices posted solid gains, with the Dow, the S&P 500 and the Nasdaq jumping 2.4 percent, 2.0 percent and 1.0 percent, respectively.

Advancing issues outnumbered declining ones on the NYSE by a 3.66-to-1 ratio; on Nasdaq, a 2.23-to-1 ratio favored advancers.

After years of slow and steady growth and a roaring start to 2018, the market plunged in early February, marking its first 10 percent drop in two years.

Sandven said the market's first-quarter performance has tempered expectations for the rest of the year after the market's strong start in January.

"People should expect what's happening given the kind of volatility we've seen as well as the fact that we're kind of in a news vacuum prior to quarterly earnings", Chuck Carlson, chief executive at Horizon Investment Services in Hammond, Indiana, said.

The tech-heavy Nasdaq's .IXIC slim 0.66 percent rise is keeping it on course for its seventh straight quarter of gains.

Facebook had recovered in early trading, adding 0.7 percent, but Tesla shares sank more than five percent after Moody's downgraded the company's debt, and Google-parent Alphabet was slightly lower.

Even with the roller-coaster ride that technology stocks have been on lately, the sector is up 3.2 percent this year, while most other sectors are in the red.

United States stocks jumped on Thursday as technology shares bounced back from a sharp selloff ahead of a long weekend that will mark the end of a turbulent quarter for Wall Street.

Solid results and a better-than-expected outlook also gave Movado Group shares a lift.