Stocks surge as the tech selloff ends

Traders work on the floor of the New York Stock Exchange in New York U.S

us stocks rallied on Thursday, the last trading day of the month and the quarter, as the technology sector curbed steep declines seen in recent sessions.

Still, the S&P 500 and the Dow are on track to log their worst quarter in more than two years on concerns over a global trade war and aggressive interest rate hikes, as well as a rout in technology stocks caused by the Facebook data scandal. The Nasdaq Composite added 34.95 points, or 0.5 percent, to 6,984.17.

At 8:35 a.m. ET, Dow e-minis 1YMc1 were up 75 points, S&P 500 e-minis ESc1 rose 9.25 points and Nasdaq 100 e-minis NQc1 gained 38.5 points.

US stocks rebounded strongly on Thursday as investors digested a batch of generally positive economic reports.

Facebook scraped out a 0.5% gain after days of heavy losses but the continued woes for Silicon Valley giants have weighed on investor sentiment for the sector that buoyed markets through much of the 2017 rally.

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The major indexes were headed higher from the start of trading Thursday as investors sized up several company earnings reports and new government data showing that spending by US consumers rose 0.2 percent in February, while their incomes increased 4.4 percent.

The group is up 14 percent so far this year, but privacy concerns in the wake of Facebook's scandal almost two weeks back has wiped $400 billion off their value. On the Nasdaq, 2,152 issues rose and 716 fell. The core 12-month index, which excludes energy and food prices, moved up to 1.6 per cent, its highest level in 10 months.

Even with the roller-coaster ride that technology stocks have been on lately, the sector is up 3.2 percent this year, while most other sectors are in the red.

Wall Street closed lower after a rocky session on Wednesday as gains in consumer staples and healthcare were offset by a sharp drop in Amazon shares and a continuing slide in technology stocks.

Solid results and a better-than-expected outlook also gave Movado Group shares a lift.

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