US: Wall Street rebounds as investors ‘buy the dip’
US STOCKS bounced back on Wednesday after retreating a day prior, while earnings season was off to a relatively positive start.
The Dow Jones Industrial Average gained 0.8 per cent to end at 43,077.70, while the broad-based S&P 500 Index added 0.5 per cent to 5,842.47.
The tech-heavy Nasdaq Composite Index advanced 0.3 per cent, closing at 18,367.08.
Stocks picked up towards the end of the day as investors sought to “buy the dip,” said Jack Ablin of Cresset Capital.
“Also, the nuclear stocks are going crazy on the Amazon announcement,” he added.
Tech giant Amazon announced significant investments in nuclear energy on Wednesday, joining other major companies in aiming to meet the high electric power demands of artificial intelligence using atomic energy.
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Its shares closed 0.4 per cent lower.
Among companies that reported financial results this week, Morgan Stanley beat estimates with its third quarter report on Wednesday - after quarterly results from Goldman Sachs showed a jump in profits a day earlier.
Morgan Stanley chief executive Ted Pick said the bank saw a “strong third quarter in a constructive environment,” and its shares closed 6.5 per cent up.
There is “not a lot of conviction after yesterday’s chipmaker-led declines,” noted Briefing.com on Wednesday.
Dutch tech giant ASML saw its shares plunge after it unveiled a cut to its 2025 guidance and slump in sales bookings, sending share prices of other firms falling Tuesday.
While Nvidia recovered some ground on Wednesday, with its shares up 3.1 per cent, ASML and AMD both logged declines still. AFP
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