Wall Street’s main indexes gathered on Wednesday to boost bleeding after a three-day decline as investors jumped back to take advantage of the repricing of several Big Tech stocks, including the largest company of them all, tech or otherwise, Apple.
Chuck Mikolajczak for Reuters:
Tesla Inc shares jumped 7.7% after falling the biggest one-day drop in the previous session, while Apple Inc, Microsoft Corp and Amazon.com Inc – the top three US public companies by market value – each rose by at least 4% … a day after the technically heavy Nasdaq ended 10% below the record high on September 2, often known as a correction.
“Call of fire with five alarms, it’s not here,” said Peter Kenny, founder, Kenny’s Commentary LLC and Strategic Board Solutions LLC in Denver. “It is very important to realize that these mega-cap names have pulled the market higher and higher, so far out of reach from last week that the market had to return to a kind of return to the average.”
On late afternoon trading, the Dow Jones Industrial Average rose 631.27 points, or 2.3%, to 28,132.16, and the S&P 500 gained 82.5 points, or 2.48%, to 3,414.34, and the Nasdaq Composite added 313.46 points, or 2.89%, to 11,161.15.
MacDailyNews Take: Up, down, up, down … Wall Street wild ride continues!