U.S. stock markets closed higher on Wednesday, with the Nasdaq leading gains after tech giants – particularly Apple – saw strong advances.
The surge came as reports emerged that Apple is preparing to announce a major new investment in U.S. manufacturing. Investor sentiment was also lifted by a generally positive round of corporate earnings reports.
According to preliminary figures, the S&P 500 rose 46.06 points, or 0.72%, to close at 6,344.67. The Nasdaq Composite jumped 251.97 points, or 1.21%, to 21,168.52, while the Dow Jones Industrial Average gained 79.42 points, or 0.18%, ending the session at 44,191.16.
Jason Browne, President of Alexis Investment Partners, commented on the market outlook:
“Right now, the market is still trying to find its footing. After the late-week pullback we saw, there’s been some bouncing around. There’s a bit of a tug-of-war between expectations of a seasonal correction and the momentum from year-to-date gains."
"We’re personally anticipating a seasonal setback," added Browne. "That said, Apple’s announcement about new investment in the U.S. is giving a strong lift to Nasdaq today. Overall, the tone remains one of resilience as the market tries to recover from recent selling. We believe some consolidation is necessary after the strong rally, but today shows why we wouldn’t bet against the market.”
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