June Rally Resumes, Disney Leads
Stocks rose on Thursday, building on a strong June rally, as tech shares rebounded from losses in the previous session.
The Dow Jones Industrial Average recovered 117.59 points to 26,122.42, as Disney shares outperformed.
The S&P 500 was up 12.99 points at 2,892.83, led by the energy and tech sectors.
The NASDAQ Composite gained 46.34 points to 7,839.06.
The major indexes were all up more than 4% for the month, after notching sharp losses in May.
Chipmakers rebounded after posting sharp losses in the previous session, boosting tech shares. Applied Materials progressed 0.7%, and
Micron Technology rose 0.8% Apple shares traded 0.4% higher. On Wednesday, the tech sector snapped a six-day winning streak.
Disney shares contributed to the gains, rising more than 1% after an analyst at Morgan Stanley raised his price target on the stock to $160 per share from $135. The analyst cited the company's new streaming service, noting it could give its global subscriber numbers a boost.
Energy prices soared, as Diamondback Energy and National Oilwell Varcop rose more than 2.5% each.
Still, lingering trade tensions kept investors on edge. Expectations that trade officials from the U.S. and China will clinch a deal on the sidelines of a G-20 meeting in Osaka on June 28-29 have been fading in recent days.
President Donald Trump, who has said he still has plans to meet with Chinese President Xi Jinping later this month, has repeatedly threatened to escalate an already months-long trade war by putting tariffs on almost all of the remaining Chinese imports that are not already impacted by U.S. charges.
Prices for the benchmark 10-year U.S. Treasury gained a bit Wednesday, lowering yields to 2.11% from Wednesday's 2.12%. Treasury prices and yields move in opposite directions.
Oil prices recouped $1.78 to $52.92 U.S. a barrel.
Gold prices gained $1.50 at $1,338.30 U.S. an ounce.