The S&P 500 rose for the first time in five days on Thursday as gains in Apple led tech shares higher.
The broad index rose 0.3 percent to 2,914, snapping a four-day losing streak, as tech climbed half a percent. The Dow Jones Industrial Average, meanwhile, ended a three-day slide by rising 54.65 points to 26,439.93. The Nasdaq Composite outperformed, advancing 0.7 percent to 8,041.97.
Apple rose 2.1 percent after J.P. Morgan initiated the stock with an overweight rating. The analyst sees strong growth for Apple's services offerings, noting the company is "transforming from a hardware company to a services company faster than investors had expected."
Amazon, meanwhile, gained 1.9 percent after Stifel hiked its price target on the stock to $2,525, implying a near 30 percent surge from Wednesday's close. "The company is investing in a number of initiatives, including Prime, AWS, India, logistics, video content, and Alexa, which will limit the opportunity for near-term margin expansion," Stifel said. This is now the most bullish Wall Street forecast on the stock.
Facebook, Alphabet and Twitter also closed higher, lifting the broader tech space and the overall equity market.
"This is a case of the strong leading the market again," said Marc Chaikin, CEO of Chaikin Analytics. "Heading into year-end, the stocks that initially led us higher earlier in the year will be the ones to do so once again."