Stocks Shake Off Tech Slide as Dip Buyers Emerge: Markets Wrap
- Walmart gains after earnings beat lowered expectations
- Housing-starts figures add to poor run of data releases
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US stocks closed higher following a sudden pullback in tech shares, with investors assessing the latest round of upbeat earnings against a backdrop of growing concerns over slowing growth and rising borrowing costs.
The S&P 500 managed to post modest gains in a roller-coaster session that included a sharp downturn after the index failed to push above its 200-day moving average. The tech-heavy Nasdaq-100 ended lower, while the Dow Jones Industrial Average kept its leadership role among major benchmarks, rallying 0.7%.