Cyclical stocks lifted the Dow Jones Industrial Average higher on Thursday, while better-than-expected labor market data also helped sentiment.
The 30-stock index recovered 25.49 points at 34,625.87, after shedding 265 points at its session low.
Merck and Dow Inc were the two best performers in the 30-stock benchmark, Merck up 2.1% and Dow gaining 1.4%.
The S&P 500 was in the minus category 9.66 points to 4,198.46
The much-broader index sits about 1.5% from its all-time high reached earlier last month, but it has been stuck around these levels for about the last two weeks. The S&P 500 is up 11% this year so far. Energy and financials were the biggest gainers among 11 S&P 500 sectors.
The NASDAQ dwindled 118.71 points to 13,637.62.
Energy and financials were the biggest gainers among 11 S&P 500 sectors.
Shares of General Motors rose 3% after the company said it expects its results for the first half of 2021 to be “significantly better” than its prior guidance.
Investors continued monitor the wild action in meme stocks, particularly theater chain AMC Entertainment. The stock tumbled as much as 30% after practically doubling in the prior session. The movie theater chain said it may offer and sell from time to time up to 11.55 million shares of its Class A common stock.
Other meme stocks also came under pressure Thursday. Bed Bath & Beyond fell more than 20%, while BlackBerry erased earlier gains and fell about 5%.
On the data front, private job growth for May accelerated at its fastest pace in nearly a year as companies hired nearly a million workers, according to a report Thursday from payroll processing firm ADP.
Total hires came to 978,000 for the month, a big jump from April's 654,000 and the largest gain since June 2020. Economists surveyed by Dow Jones had been looking for 680,000.
Prices for 10-Year Treasurys sank, lifting yields to 1.62% from Wednesday's 1.59%. Treasury prices and yields move in opposite directions.
Oil prices fell 26 cents to $68.57 U.S. a barrel.
Gold prices dulled $39.30 to $1,870.60 U.S. an ounce.