Among the top stocks posting gains in Thursday's regular trading session were tech giants Netflix (NASDAQ: NFLX) and Apple (NASDAQ: AAPL). Netflix's move came after an intraday announcement that many investors had been anticipating for a long time. Unfortunately for Apple, however, its share-price gains reversed lower after the close of regular trading as the iPhone maker reported quarterly financial results that didn't live up to investors' high expectations.
U.S. stocks closed higher on Thursday, with the technology heavyweights rallying ahead of major earnings reports and upbeat domestic economic data calming investor jitters about surging coronavirus cases. The rebound came after a more than 3% slide a day earlier in Wall Street's main indexes, underscoring heightened market volatility ahead of the presidential election next week and growing fears of another COVID slowdown. Stocks rallied as investors anticipated strong results from a line-up of the biggest names in the U.S. corporate universe - Apple Inc, Amazon.com Inc, Google parent Alphabet Inc and Facebook Inc - due after market close.
The Nasdaq Composite (NASDAQINDEX: ^IXIC) has seen its share of big drops followed by big rebounds, and Thursday was merely another instance of that phenomenon. As of just after 2:30 p.m. EDT, the Nasdaq was up nearly 2.5%. Shares of Peloton Interactive were down more than 5%.