Stocks rose for a second day Wednesday on optimism about the reopening of the economy. However, a decline in tech shares kept the gains in check.
The Dow Jones Industrials popped 251.99 points, or 2.2%, to 25,247.10. The 30-stock average traded back above 25,000 and aimed for its first close above that level since March.
The S&P 500 added 11.11 points to 3,002.88. The S&P 500 tech sector dropped more than 1% as Apple shares lost 0.5%. Nvidia shares dropped 5.2% while AMD slid 3.6%.
The NASDAQ dipped 55.15 points to 9,285.08.
Carnival Corp. shares jumped 9.1% while United Airlines added nearly 10%. JPMorgan Chase was up 6% while Citigroup advanced 7.3%.
Stocks that benefited from people staying at home struggled on Wednesday as investors rotated out of those names. Zoom Video fell 5.6%, and Netflix dropped 1.9%. Shopify fell 7.2%, Amazon docked 2.2%, and and Teladoc Health slid 9.8%.
On Wednesday, the Mortgage Bankers Association reported a sixth straight weekly rise in mortgage applications. Data released Tuesday showed new home sales in April topped estimates. Sales of new U.S. single-family homes increased by 623,000 last month, beating estimates of 490,000, according to Dow Jones.
Prices for the 10-Year Treasury gained ground, lowering yields to 0.68% from Tuesday’s 0.69%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.10 to $33.25 U.S. a barrel.
Gold prices slipped $20.80 to $1,707.40 U.S. an ounce.
