WALL Street stocks shrugged off recent weakness and pushed higher on Thursday as tech shares rallied and the S&P 500 snapped a five-day losing streak. Shares of Apple and Amazon gained along with those of chip companies like Nvidia, advancing as equities sought to recover from a slump thus far in December, a typically strong month for stocks.

The market this week has been buffeted by recession worries and fears that the Federal Reserve will maintain its aggressive posture to counter surging inflation. But the S&P 500 finished up 0.8 per cent at 3,963.51, its first positive session since Nov 30.

The Dow Jones Industrial Average rose 0.6 per cent to 33,781.48, while the tech-rich Nasdaq Composite Index jumped 1.1 per cent to 11,082.00. The gains come ahead of Friday’s data on wholesale prices, a precursor to next week’s anticipated reading on consumer costs. Among individual companies, Microsoft rose 1.2 per cent as the US Federal Trade Commission sued to block its US$69 billion buyout of gaming giant Activision Blizzard, raising doubts on the future of the transaction.

Officials from both companies expressed confidence the deal will still close. Shares of Activision fell 1.5 per cent.

ExxonMobil rose 0.6 per cent after the oil giant said it would boost its share buyback programme to US$50 billion, rebuffing calls from President Joe Biden to steer extra cash towards increasing energy production.

ExxonMobil, which has enjoyed record profits in 2022, said it plans to maintain its annual capital budget of US$20 billion to US$25 billion through 2027. AFP

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