U.S. stocks rallied to close near their intraday highs for a second straight session Thursday, as China showed signs that measures to stabilize its economy and stock market may be taking hold.In afternoon trade, stocks made a dramatic turn lower but stormed back in the final hour of trading, repeating a pattern of roller-coaster activity that has come to be a trademark of the past several sessions.
The Dow Jones Industrial Average DJIA, +2.27% rose 369.26 points, or 2.3%, to close at 16,654.77, with all 30 members of the blue-chip index trading higher. Earlier, the Dow was up by as many as 381 points.
The S&P 500 SPX, +2.43% finished up 47.15 points, or 2.4% to 1,987.66, after posting a 49-point gain. All 10 of the index’s main sectors traded higher. The Nasdaq Composite COMP, +2.45% climbed 115.17 points, or 2.5% at 4,812.71, after being up by as many as 121 points.
As a result, for the week, the Dow is up 1.2%, the S&P is 0.9% higher, and the Nasdaq is up 2.3%.
The implied volatility on the S&P 500—the so-called “fear index”—as measured by the CBOE Volatility Index VIX, -13.92% fell 14% to 26.10.
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