Dow surges 300 pts at close as tech, banking stocks rally
Major US stock markets closed higher on Wednesday, as tech and bank stocks continued to show upbeat performance following the recent turmoil in financial markets. During the session, Intel traded above 7%, accompanied by shares of Apple, Salesforce, Microsoft, Meta, and Amazon, all adding more than 1%.
During the session, it was revealed that Apple plans to hold its 2023 Worldwide Developers Conference (WWDC) online from June 5 to June 9. Meanwhile, Morgan Stanley released a report about how Meta, Google, and Snap have the potential to improve their ad revenue in case TikTok is banned.
After the closing bell, the Dow Jones gained 1.00% or 323 points, with Intel rising 7.61%. The Nasdaq 100 added 1.87%, Lululemon Athletica was leading the gains, improving by 12.72%. The S&P 500 rose 1.42%. At 3:58 pm ET, the euro was flat, selling for $1.08397.