On Wall Street, the Dow Jones Industrial Average gained 239.25 points, or 0.65 per cent, to 37,321.25, the S&P 500 added 35.05 points, or 0.75 per cent, to 4,733.4 and the Nasdaq Composite advanced 127.62 points, or 0.86 per cent, to 14,905.56

MSCI’s global stock index rose on Thursday, rebounding after a late sell-off in the earlier session, while Treasury yields slipped with the dollar ahead of a key U.S. inflation data due out on Friday morning.

Wall Street had suffered its biggest decline since September on Wednesday, likely helped by hedging activity associated with trading in short-dated options, as per analysts.

Today’s market is trying to recover. This has been the hallmark of the latest phase in the market, said Quincy Krosby, chief global strategist, LPL Financial in Charlotte, NC.

We have seen the fear of missing out has been powerful. We have institutional money managers who have to catch up if they have been behind competitors, Krosby added.

Also, investors, keenly waiting for a PCE index report due out on Friday, seemed to be betting on data that would confirm easing inflation.

If expectations are that “this report could suggest a faster decline in core and super core inflation perhaps you’d want to come in today rather than wait until tomorrow,” Krosby added.

On Wall Street, the Dow Jones Industrial Average gained 239.25 points, or 0.65 per cent, to 37,321.25, the S&P 500 added 35.05 points, or 0.75 per cent, to 4,733.4 and the Nasdaq Composite advanced 127.62 points, or 0.86 per cent, to 14,905.56.

The pan-European STOXX 600 index shed 0.22 per cent and MSCI’s gauge of stocks across the globe added 0.50 per cent.

The U.S. dollar eased to a 3-day low against a basket of currencies as the previous session’s risk aversion-led lift for the U.S. currency faded and traders braced for U.S. inflation figures for clues to the path of future Fed policy.

The dollar index dropped 0.498 per cent, with the euro 0.47 per cent higher to $1.0989.