US Stocks Rebound as Investors Snap Up Oversold Sectors
Wall Street advanced on Wednesday, notching a partial rebound from a three-day losing streak as investors searched for deals among stocks and sectors that might have been oversold amid recent risk-off moves.
The Dow Jones Industrial Average rose 295.01 points, or 0.56 per cent, to 53,061.89, the S&P 500 gained 35.16 points, or 0.46 per cent, to 7,666.63 and the Nasdaq Composite gained 118.05 points, or 0.45 per cent, to 26,217.83.
The Philadelphia SE Semiconductor Index, which has powered much of the stock market's gains so far this year but has lost nearly one-fourth of its value since late June, was on the rise, with chipmaker Broadcom expected to deliver second-quarter results after the bell.
Nvidia, the chipmaker at the forefront of the AI wave, rose 3.2 per cent, while Micron and Qualcomm gained 2.4 per cent and 2 per cent, respectively.