US close: tech sector leads rebound, Nasdaq at record high
US stocks closed higher on Wednesday, eradicating most of the previous session's losses.
At close, the Dow Jones Industrial Average was up 121.45 points, while the S&P 500 gained 19.28 points and the Nasdaq 73.84 points, marking a record high. Sector-wise, technology stocks and retailers provided the biggest lift.
The dollar reversed early losses to gain 0.52% against the yen, 0.24% against the pound and 0.28% against the euro.
The US 10 year Treasury yield traded close to 2.15%, up slightly from the 2.14% seen late on Tuesday.
Weekly mortagage applications fell 1.6% for the week ended 22 May, as refinancing was hampered by higher rates.
"Rates have made several attempts to move lower after spiking in early May, but each time they've quickly run out momentum," noted Matthew Graham of Mortgage News Daily.
"Underlying market conditions are once again signaling a bounce attempt is underway, but it's not safe to plan on the good times continuing until/unless we see several days in the near future with even stronger improvements," he added.
Earnings were under investor scrutiny given the absence of major economic data. Jeweller and specialty retailer Tiffany & Co surged after sales and profit fell less than expected. Fellow retailers Fossil Group and Coach Inc were also in the red.
Hormel Foods gained after announcing late on Tuesday it will buy Applegate Farms for approximately $775m.
Luxury lifestyle group Michael Kors tumbled after its fourth quarter sales and revenue missed estimates, while cloud software company Workday slumped after saying late on Tuesday that its first quarter loss widened.
In international markets, European stocks rebounded from Tuesday's selloff, buoyed by news that Greece may have reached a deal with its creditors, while Asia closed mixed.
Gold futures slipped 0.11% to $1186.50 an ounce, while crude-oil futures declined 0.69% to $57.63 a barrel.
S&P 500 - Risers
Broadcom Corp. (BRCM) $57.13 +21.40%
Tiffany & Co. (TIF) $94.54 +10.55%
Avago Technologies Ltd. (AVGO) $141.49 +7.76%
Frontier Communications Co. (FTR) $5.29 +7.52%
Nvidia Corp. (NVDA) $21.84 +5.35%
Vertex Pharmaceuticals Inc. (VRTX) $127.80 +4.22%
Sandisk Corp. (SNDK) $69.01 +3.95%
Viacom Inc. Class B (VIAB) $68.35 +3.65%
CBS Corp. (CBS) $62.65 +3.25%
Hormel Foods Corp. (HRL) $58.43 +3.21%
S&P 500 - Fallers
Fossil Group Inc (FOSL) $70.75 -6.50%
Coach Inc. (COH) $35.35 -3.31%
Avon Products Inc. (AVP) $6.70 -2.62%
Cablevision Systems Corp. (CVC) $25.32 -2.09%
Noble Energy Inc. (NBL) $43.32 -1.88%
GameStop Corp. (GME) $39.45 -1.82%
Chipotle Mexican Grill Inc. (CMG) $612.70 -1.52%
Integrys Energy Group Inc. (TEG) $71.97 -1.32%
Keurig Green Mountain Inc (GMCR) $88.68 -1.31%
ONEOK Inc. (OKE) $43.10 -1.26%
Dow Jones I.A - Risers
Microsoft Corp. (MSFT) $47.61 +2.19%
Apple Inc. (AAPL) $132.04 +1.87%
Intel Corp. (INTC) $33.72 +1.86%
Visa Inc. (V) $69.49 +1.39%
Goldman Sachs Group Inc. (GS) $209.12 +1.33%
Cisco Systems Inc. (CSCO) $29.31 +1.24%
International Business Machines Corp. (IBM) $172.07 +1.14%
JP Morgan Chase & Co. (JPM) $66.47 +1.13%
Home Depot Inc. (HD) $112.11 +1.06%
Unitedhealth Group Inc. (UNH) $119.43 +1.01%
Dow Jones I.A - Fallers
Nike Inc. (NKE) $102.83 -0.57%
Exxon Mobil Corp. (XOM) $85.10 -0.29%
Chevron Corp. (CVX) $103.06 -0.22%
American Express Co. (AXP) $80.13 -0.08%
General Electric Co. (GE) $27.52 -0.00%
Nasdaq 100 - Risers
Broadcom Corp. (BRCM) $57.13 +21.40%
Avago Technologies Ltd. (AVGO) $141.49 +7.76%
Nvidia Corp. (NVDA) $21.84 +5.35%
Vertex Pharmaceuticals Inc. (VRTX) $127.80 +4.22%
Sandisk Corp. (SNDK) $69.01 +3.95%
Viacom Inc. Class B (VIAB) $68.35 +3.65%
Nxp Semiconductors Nv (NXPI) $110.68 +3.45%
Micron Technology Inc. (MU) $28.13 +2.96%
KLA-Tencor Corp. (KLAC) $59.97 +2.95%
Texas Instruments Inc (TXN) $55.98 +2.60%
Nasdaq 100 - Fallers
Check Point Software Technologies Ltd. (CHKP) $83.81 -2.30%
Keurig Green Mountain Inc (GMCR) $88.68 -1.31%
Charter Communications Inc. (CHTR) $178.25 -0.85%
Kraft Foods Group, Inc. (KRFT) $84.33 -0.79%
Wynn Resorts Ltd. (WYNN) $103.55 -0.55%
Sba Communications Corp. (SBAC) $112.74 -0.17%
O'Reilly Automotive Inc. (ORLY) $222.56 -0.12%
F5 Networks Inc. (FFIV) $125.96 -0.10%
Vodafone Group Plc ADS (VOD) $38.63 -0.05%