Stocks Rally as Oil Stabilizes and Tech Leadership Drives Market Higher

U.S. equities delivered a strong rebound, with the major averages finishing higher across the board for the first time this week. The S&P 500 gained 0.8%, the Nasdaq Composite jumped 1.3%, and the Dow Jones Industrial Average rose 0.5%, as markets recovered from several volatile sessions earlier in the week.

The advance unfolded with relatively little resistance. Investors stepped back into growth and technology shares, while broader participation helped sustain the rally throughout the day.

Early sentiment improved as oil prices showed signs of stabilizing after two days of sharp increases tied to the ongoing conflict in Iran. While the geopolitical situation entered its fifth day, U.S. Treasury Secretary Scott Bessent indicated that the administration plans to roll out measures aimed at easing upward pressure on energy prices. Crude oil still edged slightly higher, but the move was minimal compared with the significant spikes earlier in the week.

Economic data also provided a supportive backdrop. The February ISM Non-Manufacturing Index came in stronger than expected, signaling continued expansion in the services sector. Meanwhile, the Federal Reserve’s March Beige Book suggested most districts anticipate modest economic growth in the months ahead—an encouraging signal at a time when rising energy costs have stirred renewed inflation concerns.

Consumer discretionary stocks led the market higher, pushing the sector up 2.2% and back into positive territory for the year. Amazon and Tesla delivered strong gains and helped power advances across mega-cap names, which played a major role in lifting the broader indices. Retail strength also stood out, with Ross Stores surging after reporting a strong earnings beat and raising its outlook.

Technology shares also posted solid gains. Semiconductor stocks rebounded from the previous session’s decline, led by memory-chip manufacturers SanDisk and Micron Technology. Broadcom added to the sector’s strength ahead of its earnings release, while the broader semiconductor group finished the day firmly higher.

Software stocks continued their recovery as well, extending the rebound that began earlier in the week and helping support the technology sector overall.

Elsewhere, sector gains were more modest. Six additional S&P 500 sectors finished higher but with advances of less than 0.6%, reflecting a generally stable trading environment outside of the tech-led rally.

Energy stocks lagged as crude prices paused after their recent surge, while consumer staples and materials also posted slight declines.

Risk appetite was visible beyond equities. Bitcoin surged nearly 7% to trade above the $73,000 level, boosting cryptocurrency-related stocks such as Coinbase Global, which ranked among the day’s top performers.

Smaller companies also participated in the rebound. The Russell 2000 rose 1.1%, while the S&P MidCap 400 managed a modest gain.

Overall, the session marked a welcome reprieve after a volatile start to the week. Stabilizing energy prices, encouraging economic data, and strong leadership from mega-cap technology stocks combined to restore investor confidence and push the major indices higher.

Our FTinvest 11 model portfolio gained 0.13% to close at 1,006.88, posting a modest rebound after the previous session’s decline. The portfolio remains in a consolidation phase following its earlier all-time high of 1,039.51, with daily movements reflecting a relatively narrow trading range.

Despite recent fluctuations, FTinvest 11 continues to hold above the 1,000 milestone, maintaining the majority of its strong gains recorded earlier in the year. The portfolio’s disciplined, value-focused strategy remains central as it navigates short-term market volatility while preserving long-term performance strength.