NASDAQ Back on Upward Trend

Stocks rose broadly Wednesday, as strong gains in tech helped the NASDAQ rebound after a losing session. Sentiment was also lifted by easing concerns around the state of the banking sector.

The Dow Jones Industrials leaped 323.35 points, or 1%, to 32,717.60.

The S&P 500 recovered 56.54 points, or 1.4%, to 4,027.81.

The NASDAQ jumped 210.16 points to 11,926.24.

Big Tech shares also rose. Meta and Netflix added more than 2%, and Apple closed nearly 2% higher. Amazon jumped more than 3%.

Micron shares climbed more than 7% after the chipmaker posted its fiscal second-quarter figures, despite the company posting a $1.4 billion inventory write-down. Shares climbed on comments from executives that the inventory issues are improving. Other semiconductor names followed Micron higher. Nvidia climbed 2%, while AMD added 1.6%.

Big banks such as Citigroup and Goldman Sachs gained.

On the economic front, U.S. pending home sales gained 0.8% last month, with sales 21.1% lower than a year earlier. Economists polled by Dow Jones forecast a decline of 3% in February, down from a rise of 8.1% the previous month.

Prices for the 10-year Treasury regained lost strength, raising yields to 3.57% from Tuesday’s 3.56%. Treasury prices and yields move in opposite directions.

Oil prices subtracted 24 cents to $72.96 U.S. a barrel.

Gold prices gave back $8.70 to $1,981.70 U.S. an ounce.