US Stock Market Experiences Strong Gains Led by Technology Sector

(MENAFN) On Wednesday, the US Stock market closed higher, with the technology sector leading the way with strong gains. The Dow Jones Industrial Average added 323 points, or 1 percent, to finish the day at 32,717. The S&P 500 rose by 56 points, or 1.42 percent, to reach 4,027. Meanwhile, the nasdaq Composite index soared 210 points, or 1.79 percent, to end the session at 11,926.

Several technology companies saw significant gains during the trading day. Chip maker Intel's stock price soared by more than 7 percent, while cryptocurrency exchange platform, Coinbase Global, gained 3.6 percent. Zoom Video and Amazon also rose by 3 percent apiece.

The VIX volatility index, which is also known as the fear index, shed 4.2 percent to 19.14. Additionally, the 10-year US Treasury yield was flat at 3.570 percent.

Regarding currency markets, the dollar index rose 0.25 percent to 102.68, while the euro lost 0.03 percent to USD1.0840 against the greenback. Precious metals were mixed, with gold trimming 0.5 percent to USD1,964 per ounce, while silver remained flat at USD23.33.

However, crude oil prices were in negative territory, with global benchmark Brent crude at USD77.58 per barrel and US benchmark West Texas Intermediate at USD72.97.

Overall, the strong gains in the technology sector led the US stock market to close higher, with investors keeping a close eye on the volatile nature of the market, including the VIX volatility index and the fluctuating prices of precious metals and crude oil.



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