Wall Street stocks surged in morning trading on Thursday,
but major indexes remain in the red for the week.

The S&P 500 rose 32.09 points or 0.77% to 4,172.86 as
of 10:22 am Eastern time. The Dow Jones Industrial Average rose 80.88 points or
0.25% to 33,050.11. The Nasdaq Composite rose 132.02 points or 1.02% to
12,563.54.

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Technology and bank stocks made significant gains. Apple
gained 1.25 and Bank of America rose 1.1%.

Telehealth services providers surged after Amazon halted
its in-house telemedicine service for employees. Teladoc jumped 3.8%.

Earnings reports weighed heavily on several companies.
Software firm Salesforce plunged 6.4% and discount retailer Dollar tree tumbled
10.2% after they cut their financial forecasts for the year.

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Bond yields remained almost stable. The yield on the
10-year Treasury slipped to 3.10% from 3.11% late Wednesday.

The broader market has been making moderate moves throughout
much of the week, after a decline on Monday that was its worst day in months.
Traders are looking for the Federal Reserve’s annual economic conference in
Jackson Hole, Wyoming. Fed Chair Jerome Powell is scheduled to deliver a speech
on Friday.

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Investors are expecting that Powell will give more insights
into the central bank’s plans for future interest rate hikes. The central bank
has been raising interest rates in a bid to slow the economy and tame the
hottest inflation in four decades. Wall Street is concerned that it could raise
the rates too high or too quickly and the economy into a recession.

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The US economy has already shrunk for the last two
quarters. According to an update from the government, it actually shrank less
than economists expected during the second quarter.

Some sectors of the economy remain strong enough to counter
some of those concerns. Consumer spending remains solid and the employment
market remains strong, with low unemployment and a strong job market.

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There are also some positive signs that inflation could be
easing. Gasoline prices have reduced, along with food commodity staples like
wheat and corn. Lower gas prices essentially halted inflation, though it
remains at its highest levels in 40 years, according to a government report on
consumer prices.