NEW YORK – Wall Street ended sharply higher at the close of a broad rally on Thursday, bouncing back from three straight days of selling on upbeat labor market data.
All three major U.S. stock indexes notched solid gains, with the S&P 500 enjoying its biggest percentage gain in over a month. The Nasdaq, weighed by Tesla Inc, picked up the rear.
Meanwhile, cyclical shares, which stand to benefit most from economic revival, enjoyed the biggest gains.
Recent economic data has prompted inflation fears as scarcity of both materials and workers threatens to send prices surging in the face of a demand boom.
“If this is a footrace, supply chains …
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