Stocks rose broadly Wednesday, as strong gains in tech helped the Nasdaq rebound after a losing session. Sentiment was also lifted by easing concerns around the state of the banking sector.
The Dow Jones Industrial Average surged 323.35 points, or 1%, to close at 32,717.60. The S&P 500 gained 1.4% to end at 4,027.81, and the Nasdaq Composite added nearly 1.8% to close at 11,926.24.
Big Tech shares also rose. Meta and Netflix added more than 2%, and Apple closed nearly 2% higher. Amazon jumped more than 3%.
Micron shares climbed more than 7% after the chipmaker posted its fiscal second-quarter figures, despite the company posting a $1.4 billion inventory write-down. Shares climbed on comments from executives that the inventory issues are improving. Other semiconductor names followed Micron higher. Nvidia climbed 2%, while AMD added 1.6%.
Regional banks rose, with the SPDR S&P Regional Banking ETF (KRE) advancing about 1%. Big banks such as Citigroup and Goldman Sachs also gained.
The benchmark 10-year Treasury yield inched up to 3.57% as of market close, and the short-term 2-year rate climbed to 4.09%.
The major averages fell Tuesday, as some investors worried that higher interest rates could tip the economy into a recession — even as Wall Street tried to move past this month’s regional banking crisis.
“Every day that something doesn’t break is a good day,” said Ed Yardeni, president of Yardeni Research. He added that the collapse of Silicon Valley Bank may have been the biggest and final break in the sector, which is helping give investors confidence that the Fed has control of limiting further contagion.
“The market keeps waiting for something [else to break] but Silicon Valley Bank was that something,” he said.
This article was originally published by CNBC.
