Stock market today: Wall Street storms back from an early slide thanks to Nvidia and Big Tech
U.S. stock indexes stormed back from big early drops to finish higher, led by a handful of influential Big Tech companies
NEW YORK (AP) — U.S. stock indexes stormed back from big early drops on Wednesday to finish higher, led by a handful of influential Big Tech companies.
The S&P 500 rallied 1.1% after erasing a morning wipeout of 1.6%, one where almost every stock within the index had been falling. A majority of the index’s stocks still finished lower for the day, but the performances by Nvidia and other tech stocks were enough to drive it to a third straight gain and back within 2% of its all-time high set in July.
The Dow Jones Industrial Average rose by 124 points, or 0.3%, after rallying back from a drop of 743 points. The Nasdaq composite jumped 2.2%.
The sharp see-saw trading, where the Nasdaq composite roared back from an earlier 1.4% slide, followed the government’s latest update on inflation at the consumer level. Overall inflation slowed to 2.5% in August from 2.9% in July, a touch better than expected. But prices rose more than expected from July into August when ignoring food and energy, and economists say that can be a better predictor of where inflation is heading.
