Stocks moved higher on Wednesday, supported by gains in key technology stocks, as traders awaited the release of the minutes from the Federal Reserve’s most recent policy meeting.
The Dow Jones Industrial Average launched 259.25 points to 49,792.44.
The S&P 500 Index took on 50.52 points to 6,893.74.
The NASDAQ popped 257.13 points or 1.1%, to 22,835.78.
Nvidia shares advanced more than 2% on the heels of Meta announcing Tuesday that it’s going to use millions of Nvidia’s chips in its data center buildout.
Additionally, fellow “Magnificent Seven” member Amazon moved higher by 2% after regulatory filings showed Bill Ackman’s Pershing Square grew its stake in the e-commerce giant by 65% during the fourth quarter. That makes Amazon the fund’s third-largest holding. The move comes after the stock snapped a nine-day losing streak.
Micron Technology also saw gains after David Tepper’s Appaloosa Management increased its holdings in the chipmaker. The stock was last up more than 5%.
Prices for the 10-year Treasury slid, bringing yields up to 4.07% from Tuesday’s 4.06%. Treasury prices and yields move in opposite directions.
Oil prices regained $2.34 Wednesday to $64.67 U.S. a barrel.
Gold prices gained $119.50 to $5,025.20 U.S. an ounce.
