Wall Street gains momentum as technology stocks drive recovery
(MENAFN) Wall Street's main indexes showed a strong rebound, recovering losses from earlier in the week as technology Stocks surged. The recovery was sparked by a reassuring statement from Japan's top policymaker, which helped calm investor concerns following a surprise interest rate increase last week. This rate hike had previously contributed to significant volatility in global markets, causing uncertainty and affecting investor sentiment.
The Dow Jones Industrial Average saw a rise of 400 points, or 1 percent, while the S&P 500 increased by 80 points, or 1.5 percent. The nasdaq Composite led the gains with a 257-point increase, or 1.70 percent. The upward movement in these major indexes reflects renewed investor confidence, largely driven by strong performances in the technology sector.
Key technology stocks experienced notable gains, with Nvidia and Meta shares each rising by 2 percent, Apple up by 2.5 percent, Amazon increasing by 2.2 percent, and Microsoft gaining 2.3 percent. This boost in tech stocks played a significant role in Wall Street's recovery, highlighting the sector's continued resilience and impact on overall market performance.
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