Jumps for Big Tech stocks helped US stock indexes claw back some losses from the day before, when worries that interest rates may stay high for a while rocked Wall Street, per the AP.
- The benchmark S&P 500 rose 38 points, or 0.7%, to 5,199.
- The Dow slipped 2 points to 38,459.
- The tech-focused Nasdaq gained 271 points, or 1.6%, to 16,442.
Big Tech stocks led the way. Apple was the strongest single force pushing the market upward, as it climbed 3.8% to trim its loss for the year so far. Nvidia rose 3.4% to bring its gain for the year so far to nearly 82%, as it keeps riding a frenzy around artificial-intelligence technology. Amazon gained 1.8% to set a record after topping its prior high set in 2021. In the bond market, which has been driving much of Wall Street's action, Treasury yields were holding relatively steady following a mixed batch of data on the US economy and speculation about when the European Central Bank may cut interest rates. It held its main rate steady after a meeting in Germany.
On the losing side, CarMax dropped to one of the largest losses in the S&P 500 after it reported weaker profit for its latest quarter than analysts expected. Fastenal fell 6.6%. The distributor of fasteners and other industrial and construction supplies reported profit and revenue for the first quarter that fell just shy of analysts' expectations.
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