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Stocks rose on Wednesday as tech shares out performed and Boeing regained some of the sharp losses from this week. Investors also digested the release of solid economic data.
The Dow Jones Industrial Average spiked 170.28 points to greet noon hour EDT at 25,724.94
The S&P 500 gained 24.99 points to 2,816.51, to trade back above 2,800, a key level watched by investors.
The NASDAQ Composite improved 72.49 points to 7,633.52.
The S&P 500 tech sector rose 1.1%, led by a 4.1% gain in Nvidia. Tech shares have been on fire this week, with the sector rising more than 3.5%
Facebook, Amazon, Netflix, Alphabet and Apple all traded higher on Wednesday.
Boeing shares rose 0.8% following an 11.2% drop in the previous two sessions. The aerospace giant's stock has been under pressure this week since amid worries over the safety of the 737 MAX airplane, one of its most popular models.
Several countries, including China, the European Union and Indonesia, grounded all flights involving the 737 Max model after two deadly crashes in less than six months, including one on Sunday.
J.P. Morgan Chase traded 0.8% amid media reports the bank was expanding into several new markets, including some that are dominated by Bank of America. Other bank shares also rose, with Citigroup and Bank of America advancing more than 1% each.
Equities got a boost Wednesday after the Commerce Department said non-defense durable goods orders posted their largest increase in six months in January, rising 0.8%. Overall durable goods orders also rose 0.4% while economists expected a decline of 0.5%.
Prices for the benchmark 10-year U.S. Treasury fell, raising yields to 2.62% from Tuesday’s 2.6%. Treasury prices and yields move in opposite directions.
Oil prices acquired a dollar to $57.87 U.S. a barrel.
Gold prices $10.10 to $1,308.20 U.S. an ounce.
