Stocks - Wall Street Bounces Back as Tech Shares Rise
Published Nov 21, 2018 09:32AM ET
Investing.com - Wall Street opened higher on Wednesday during a pre-Thanksgiving rally after the stock market had pared back its yearly gains.
The S&P 500 rose 14 points, or 0.56%, to 2,656.6 as of 9:30 AM ET (14:30 GMT), while the Dow rallied 76 points, or 0.31%, to 24,541.65 and the tech-heavy Nasdaq Composite was up 78 points, or 1.14%, to 6,987.45.
All three indexes closed in the red for the second day in a row on Tuesday. Concerns over slowing global growth and lower-than-expected retail earnings contributed to the selloff.
Technology stocks recovered, with FAANG stocks in the green. Apple (NASDAQ:AAPL) gained 1.29%, while Amazon.com (NASDAQ:AMZN) jumped 3.48% and Netflix (NASDAQ:NFLX) was up 2.61%.
Deere (NYSE:DE) rose 3.59% despite its earnings comig in lower than expected. Foot Locker (NYSE:FL) jumped 16% after its financial results beat expectations, while Walgreens Boots Alliance (NASDAQ:WBA) inched up 1.63% after a Wall Street Journal report that it was in preliminary talks with Humana (NYSE:HUM) to take stakes in each other. Gap (NYSE:GPS) was up 4.83% after its third-quarter results came in higher than expected.
Elsewhere, financial stocks were down, with Bank of America (NYSE:BAC) dipping 0.18% and JPMorgan Chase (NYSE:JPM) falling 0.25%. Coca-Cola (NYSE:KO) inched down 0.12% and Target (NYSE:TGT) decreased 0.09%.
In commodities, gold futures rose 0.52% to $1,227.60 a troy ounce, while crude oil rallied 2.15% to $54.58 after slumping on Tuesday over fears of a supply glut. The U.S. dollar index, which measures the greenback against a basket of six major currencies, fell 0.22% to 96.505.
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Written By: Investing.com
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