Stocks cap dismal month, quarter with rally

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.

Online retailer Amazon.com AMZN.O was down as much as 6.7 percent, losing more than $53 billion in market value after a report that President Donald Trump indicated he wanted to rein in the company.

Facebook was among the gainers, its shares adding 4.4 percent.

"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.

"In general, the market is trapped between two narratives".

This month, the Dow decreased 3.5 percent, the S&P fell 2.6 percent and the Nasdaq lost 2.9 percent.

Economic data released on Thursday did little to change the expectations on interest rate hikes.

Core personal consumption expenditures price index, the Federal Reserve's favored inflation gauge, rose 1.6 percent on an annualized basis through February, in line with economists' expectations. The index, the Federal Reserve's preferred measure of inflation, has been below the US central bank's 2 percent target since mid-2012.

U.S. WTI crude oil climbed 0.9% to settle at $64.94/bbl, capping a 5.6% gain for the month. The S&P 500 index slipped 7.62 points, or 0.3% to 2,605, with six of its 11 main sectors ending in negative territory.

The Dow closed the quarter 2.3% lower and the S&P 500 slid 2.7% in the period, while the Nasdaq came in with a 2.3% gain even after tumbling 2.9% in March.

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

GameStop shares dropped 9.3 percent after the company provided disappointing full-year sales forecast. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.


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