Stocks have moved sharply higher over the course of the trading day on Thursday, largely offsetting the substantial pullback seen in the previous session. The major averages have all moved to the upside, with the Nasdaq rejoining its counterparts in positive territory after fluctuating early the day.

Currently, the Dow is up 634.91 points or 1.9 percent at 34,656.95 and the S&P 500 is up 68.32 points or 1.5 percent at 4,581.36. The Nasdaq has pulled back off its best levels of the day but also remains up 90.92 points or 0.6 percent at 15,344.97.

The rebound on Wall Street may partly reflect bargain hunting following the steep drop seen as yesterday's trading day progressed.

The significant downturn on Wednesday dragged the Dow down to a nearly two-month closing low, while the Nasdaq and S&P 500 hit their lowest closing levels in over a month.

The strong move to the upside extends the rollercoaster ride stocks have been on since news of the detection of omicron variant of the coronavirus.

Traders seem extremely sensitive to omicron-related news amid concerns the variant could derail the economic recovery even as the Federal Reserve begins scaling back stimulus.

The notable advance by the Dow is partly due to a strong gain by shares of Boeing (BA), with the aerospace giant jumping by 5.3 percent.

Boeing has moved spiked following news China has cleared the 737 Max to return to flying, becoming the last major market to grant approval.

Additionally, a report from Bloomberg said the new owners of Jet Airways India Ltd. are in talks with Boeing and Airbus to purchase at least 100 narrowbody jets for the once-bankrupt carrier's fleet.

Dow components American Express (AXP) and Visa (V) are also posting standout gains, with the credit card giants surging up by 4.2 percent and 4 percent, respectively.

Airline stocks have shown a substantial rebound on the day, with the NYSE Arca Airline Index soaring by 5.3 percent after plummeting to its lowest closing level in a year in the previous session.

Considerable strength has also emerged among housing stocks, as reflected by the 3.8 percent spike by the Philadelphia Housing Sector Index.

Banking stocks are also turning in a strong performance in afternoon trading, driving the KBW Bank Index up by 3.6 percent. The index is bouncing off a two-month closing low.

Steel, commercial real estate and telecom stocks are also seeing significant strength, while gold stocks are bucking the uptrend amid a decrease by the price of the precious metal.

(Source:RTT News)