Stock market today: Wall Street rallies as pressure from the bond market eases
Wall Street rallied for its best day since June as pressure on stocks from the bond market relaxed a bit
NEW YORK — Wall Street rallied to its best day since June on Wednesday after pressure that's built up on stocks from the bond market relaxed a bit.
The S&P 500 climbed 1.1% to trim its loss for what's been a dismal August so far. The Dow Jones Industrial Average rose 184 points, or 0.5%, and the Nasdaq composite jumped 1.6%.
Big Tech stocks and others that benefit from easier interest rates led the way. They got some relief as the 10-year Treasury yield eased back further from its highest level since 2007 after a report suggested the U.S. economy may be cooling.
A 2.2% gain for Apple's stock and 1.4% climb for Microsoft shares were two of the strongest forces pushing the S&P 500 upward.
Nvidia, another one of the market's most influential stocks, rallied 3.2% ahead of its highly anticipated profit report. Expectations were immense for the report, which came out after trading ended for the day, and it still managed to blow past forecasts.
Nvidia stunned Wall Street three months ago by predicting a boom in artificial-intelligence technology would mean it would make roughly $11 billion in revenue during the three months through July.
The announcement set off a rush across Wall Street. Stocks of AI-related companies soared, and investors tried to count how many times a CEO could mention “AI” in an earnings call. Nvidia’s stock more than tripled this year so far, and it will need to meet the much higher expectations around it to justify its big move.
Nvidia's report on Wednesday appeared to pass the bar. Its revenue for the latest quarter ended up more than doubling to $13.51 billion from year-earlier levels. And its
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