Tech Stocks Rally As Oil Prices and Bond Yields Hold Steady
U.S. stocks snapped a three-day losing streak Wednesday as big technology companies and relatively steady oil prices and bond yields helped lift the market.
The S&P 500 index rose 0.5% to 7,666.60, while the Dow Jones Industrial Average increased by 0.6% to 53,061.95.
A key driver behind the S&P 500's gains this year has been the AI boom, with Dell Technologies and Palo Alto Networks reporting strong quarterly results that topped Wall Street expectations.
Dell jumped 15.8% for the biggest gain among S&P 500 stocks after delivering strong second-quarter profits amid accelerating demand for artificial intelligence computing.
The company also raised its fiscal year revenue outlook, while Nvidia rose 3.2% and Micron Technology gained 2.4%, both tied to the AI boom.