US stocks: Wall Street ends higher as stocks reclaim some shine
All three major indices closed higher for the day
Three of the four major US stock indices closed higher on Wednesday, marking a partial rebound from a three-day losing streak. The Russell 2000, representing small-cap stocks, led the gains with a 1.1% increase. Among sectors, airlines, gold and silver miners, and regional banks staged strong performances, while software and services sectors, potentially impacted by AI disruption, lagged.
Nvidia, the leading AI chipmaker, saw a 3.2% rise, while Micron and Qualcomm climbed 2.4% and 2%, respectively. Lauren Cassidy, chief investment officer at Founders 100 ETF, expressed optimism about AI adoption, suggesting possible exponential growth. Notable stock gains included a 15.8% jump for Dell after announcing higher profit and revenue forecasts, and Brown-Forman's 3.9% rise following a quarterly profit beat.
The market's gains were tempered by a continuing global bond selloff, driven by concerns over inflation and mounting government debt, compounded by Middle East tensions. Economic reports for Thursday will include ADP's revised payrolls data, new orders for core capital goods, and services PMI. On the NYSE, advancing issues significantly outnumbered decliners, with 150 new highs and 290 new lows. On the Nasdaq, 3,102 stocks rose compared to 1,679 that fell, marking a 1.85-to-1 ratio.
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Also reported by 4 other outlets
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