US stocks trade higher amid tech rebound, data
New York: US stocks traded higher on Wednesday as tech shares rebounded from an extensive sell-off in the previous sessions.
The Dow Jones Industrial Average increased 134.04 points, or 0.55 per cent, to 24,599.68. The S&P 500 gained 21.79 points, or 0.82 per cent, to 2,663.68, Xinhua news agency reported.
The Nasdaq Composite Index was up 96.19 points, or 1.39 per cent, to 7,005.02.
Most of the FAANG members saw their stock prices rose on Wednesday, as Amazon and Facebook leading the gainers with a 2.5-per cent increase.
The big tech names have been under pressure lately. Through Tuesday’s close, they were all down more than 20 percent from their 52-week highs, officially in a bear market.
The sharp decline also dragged down major indices. The Dow and S&P 500 erased gains for this year while the Nasdaq dropped into correction territory on Tuesday at close.
Key economic data came out soft on Wednesday.
The consumer sentiment index hit 97.5 in November, according to the University of Michigan’s monthly survey of consumers. The figure was lower than economist estimate of 98.3 and was also down from October’s 98.6.
US weekly jobless claims rose to a more than four-month high. Initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 224,000 for the week ended November 17, the highest level since the end of June, said the Labor Department on Wednesday.
