New York/London — 

A global rout in semiconductor chip stocks sent investors rushing into different sectors and government bonds on Thursday as they looked for safety in other corners of the market.

The S&P 500 bounced back from an initial decline and rose 0.33%, led by gains in health care stocks. The Dow rallied 556 points, or 1.08%, boosted by gains in sectors like consumer discretionary and materials. Treasury yields dropped sharply as bonds rallied.

A closely watched index of chip stocks fell 0.88% Thursday, dropping for the seventh day in a row. Thursday’s drop followed sharp market declines overnight in Taiwan,…