The Nasdaq recouped all of Tuesday’s losses and then some on Wednesday, hitting a five-year high on strength in Appleand Google.
Apple and Google have fallen sharply since reporting disappointing first-quarter results, but Apple jumped 6% Wednesday on new EU antitrust issues for Microsoft, and Google continued its run ahead of inclusion in the S&P 500 at the close of trading Friday.
Google lost ground in after-hours trading, however, after announcing plans to sell $2.1 billion in stock.
The broader market also surged Wednesday after traders decided that the Federal Reserve may still be near the end of its two-year rate-hike campaign, despite the Fed’s statement Tuesday that it remains wary of inflation pressures.
The Nasdaq soared 33 to 2337, the S&P 500 rose 9 to 1302, and the Dow gained 61 to 11,215. Volume declined to 2.14 billion shares on the NYSE, but rose to 2.45 billion on the Nasdaq. Advancers led 24-8 on the NYSE, and 22-8 on the Nasdaq. Upside volume was 79% on the NYSE, and 86% on the Nasdaq. New highs-new lows were 238-51 on the NYSE, and 228-32 on the Nasdaq.
Sungained 4% on a Morgan Stanley upgrade.
Red Hatlost 2% despite beating estimates and offering inline guidance.
Accenturefell 6% after writing down $450 million in contract losses.
TD Ameritradesurged 9% after raising guidance.