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Stocks rose sharply on Wednesday, putting the S&P 500 just below its all-time high set in February, as shares of the major tech companies recovered some of their steep losses from the previous session.
The Dow Jones Industrials soared 289.93 points, or 1.1%, to 27,976.84.
The S&P 500 heightened 46.66 points, or 1.4%, to 3,380.35, its biggest one-day jump since July 6.
The NASDAQ resumed its climb, 215.62 points, or 2%, to greet the closing the bell at 11,012.24.
Facebook, Amazon and Netflix were all up at least 1.5% while Alphabet advanced 1.8%. Microsoft and Apple gained more than 2.8% each.
Stocks that would benefit from the economy reopening lagged, however. Cruise operator Carnival dropped 4%. JPMorgan Chase, Bank of America and Citigroup were all lower.
Sentiment was lifted in part by President Donald Trump saying late Tuesday that the U.S. government will purchase 100 million doses of Moderna’s experimental coronavirus vaccine, which is currently in late-stage human trials. Moderna shares came off their highs, but were still positive 0.7%.
On matters macroeconomic, the U.S. Labor Department released key data on Wednesday that showed core consumer prices rose at a much faster-than-expected rate last month. Core CPI jumped 0.6% in July, while economists expected a gain of 0.2%.
Prices for the 10-Year Treasury slipped, raising yields to 0.67% from Tuesday’s 0.65%. Treasury prices and yields move in opposite directions
Oil prices jumped 96 cents to $42.57 U.S. a barrel.
Gold prices slumped $19.50 to $1,949.80 U.S. an ounce.
