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Stocks rose on Wednesday, led by solid gains in tech shares, while investors digested the release of solid economic data.
The Dow Jones Industrial Average spiked 148.23 points to end the session at 25,702.89
The S&P 500 gained 14.9 points to 2,810.92, to close back above 2,800, a key level watched by investors. The S&P 500 also hit its highest level for 2019 and notched a three-day winning streak.
The NASDAQ Composite improved 52.37 points to 7,643.40.
The S&P 500 tech sector rose 0.7% led by a 375% 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 closed higher on Wednesday.
J.P. Morgan Chase closed 0.3% amid 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.
Boeing shares initially lifted the broader market, rising more than 1%, but later gave back most of that gain after the U.S. and Canada announced they would ban flights from the company's beleaguered 737 MAX jets. Canada and the U.S. joined several countries, including China, the European Union and Indonesia, in grounding all flights involving the plane after two deadly crashes in less than six months, including one on Sunday.
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%.
Meanwhile, U.S. construction spending posted its biggest increase in nine months, rising 1.3% in January. The leap was driven by a surge in public-project investments.
Prices for the benchmark 10-year U.S. Treasury fell, raising yields to 2.61% from Tuesday’s 2.6%. Treasury prices and yields move in opposite directions.
Oil prices acquired $1.50 to $58.37 U.S. a barrel.
Gold prices $12.50 to $1,310.60 U.S. an ounce.
