Investors in Chewy (NYSE: CHWY) had a good day on Thursday as their shares gained 4% by 1:30 p.m. ET, compared to a 1.8% increase in the S&P 500. That surge erased a small part of the e-commerce specialist's recent declines, though, and shares remain lower by nearly 40% so far in 2022.

The rally was powered by a rebound in some of the hardest-hit tech stocks as Wall Street became less fearful about a recession in 2023.

The key factor pushing Chewy's shares higher was general strength in the tech sector. The Nasdaq Index jumped more than 2% by early afternoon, and that increase lifted many growth stocks that had been sold off through most of the year .

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Source Fool.com