Oil Prices Fall as Gulf States Step In for Iran Talks

The Dow Jones Industrial Average and Nasdaq Composite closed higher on Wednesday, marking their first gains in five sessions. The Dow rose 509.19 points, or 0.98%, to 52,573.29, while the S&P 500 gained 65.28 points, or 0.86%, to 7,656.98. The Nasdaq Composite increased by 251.31 points, or 0.96%, to 26,333.04.

The rally was led by technology stocks, with Apple up 1.75% and Microsoft rising 0.65%. Other tech giants such as Amazon, Google parent Alphabet, TSMC, SpaceX, Broadcom, Facebook parent Meta, Tesla, and SK Hynix also advanced.

However, some chip-related names slipped despite the broader rally, including Nvidia, Micron, and SanDisk.

The Philadelphia Semiconductor Index rose 1.81%.