Tech Stocks Boost Wall Street as Oil Prices Hold Steady

Wall Street rebounded Wednesday after a downbeat start to the week, as gains by big tech companies and relatively steady oil prices helped lift the market. The Standard & Poor's 500 index rose 0.5%, while the Dow Jones industrial average climbed 0.6%. The Nasdaq composite also gained 0.5%.

The market has been under pressure from rising oil prices and a bond-market sell-off, which has been fueled by expectations of higher interest rates. However, investors welcomed some encouraging signals about demand for artificial intelligence from two big tech companies, Dell and Palo Alto Networks.

Dell Technologies jumped 15.8% after reporting strong second-quarter profits late Tuesday, citing accelerating demand for AI computing. The company also raised its fiscal-year revenue outlook. Other big tech companies tied to the AI boom, such as Nvidia and Micron Technology, rallied on Wednesday.