The S&P 500 Index ($SPX) (SPY) Wednesday closed up +1.58%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.24%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +3.01%.
US stocks rallied Wednesday, with the S&P 500 and Nasdaq 100 posting 1-week highs and the Dow Jones Industrials posting a 1-1/2 week high. A flurry of bullish news Wednesday fueled a sharp rebound in chip stocks. Nvidia surged more than +12% after Morgan Stanley named the stock a top US chip stock pick and said the recent selloff in the stock has opened up a good entry point. Also, ASML Holding NV rose more than +8% after Reuters reported the Biden administration planned to exempt chip equipment makers in Japan, the Netherlands, and South Korea from upcoming export restrictions. In addition, Advanced Micro Devices rose more than +7% after an upbeat revenue forecast.
