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Stocks rallied on Wednesday, pushing the major averages higher for the second day in a row, as investors looked past the trade turmoil that weighed on the market earlier in the week.
The Dow Jones Industrials zoomed 317.24 points to 44,873.28. The index’s gains were led by a sharp advance in Nvidia.
Nvidia jumped more than 5% after the server maker Super Micro Computer announced full production availability of its AI data center with Nvidia’s Blackwell platform. Super Micro shares rose around 8% following the announcement.
Amgen also helped the Dow’s advance in the session, as the stock jumped 6% on the heels of its better-than-expected adjusted earnings and revenue for the fourth quarter.
The much-broader index recovered 23.6 points to 6,061.48
The tech-heavy NASDAQ moved north 38.31 points to 19,692/33.
Alphabet shares tumbled 7% after the Google-parent posted a cloud revenue miss as it ramps up spending on artificial intelligence, spooking investors who worried the megacap technology company will take longer to capitalize on its AI ambitions. Overall revenue for the period also came up short.
AMD shares were also lower by 6% after the company’s fourth-quarter data center revenue came up short of expectations.
Elsewhere in tech, Apple ended the session marginally lower after Bloomberg News reported that regulators in China were considering launching a formal investigation into the company’s App Store fees and policies.
This comes amid heightened trade tensions between China and the U.S. Over the weekend, the U.S. unveiled a 10% levy on Chinese imports. China then retaliated with tariffs of up to 15% on U.S. goods.
Prices for the 10-year Treasury climbed sharply, lowering yields to 4.42% from Tuesday’s 4.51%. Treasury prices and yields move in opposite directions.
Oil prices decreased $1.51 to $71.19 U.S. a barrel.
Prices for gold gained $6.30 an ounce to $2,882.10 U.S.
