Market Commentary and Intraday News

Major Averages Close Firmly Positive, Adding To Yesterday's Gains

309 days ago

(RTTNews) - Stocks moved notably higher over the course of the trading day on Wednesday, adding to the gains posted in the previous session. The markets benefited from considerable strength that emerged among technology stocks.

Semiconductor stocks turned in some of the tech sector's best performances, resulting in a 3.6 percent gain by the Philadelphia Semiconductor Index. With the gain, the index bounced well off the seven-month closing low it set in the previous session.

NXP Semiconductors (NXPI) and Mellanox Technologies (MLNX) posted standout gains within the semiconductor sector, jumping by 9.1 percent and 6.7 percent, respectively.

Networking and computer hardware stocks also saw considerable strength on the day. The NYSE Arca Networking Index advanced by 2.9 percent, while the NYSE Arca Computer Hardware Index surged up by 2.7 percent.

While buying interest outside of the tech sector was more subdued, significant strength was visible among defense, oil service, and health insurance stocks.

On the other hand, airline, brokerage, and gold stocks showed notable moves to the downside over the course of the trading day.

The major averages hovered firmly in positive territory in afternoon trading, holding on to strong gains. The Dow rose 103.16 points or 0.8 percent to 12,908.70, the Nasdaq jumped 32.56 points or 1.1 percent to 2,942.60 and the S&P 500 climbed 9.11 points or 0.7 percent to 1,372.78.

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