NEW YORK – Wall Street's rally got back on track Wednesday after more gains for big technology stocks helped pull the S&P 500 to its sixth gain in seven days.
The S&P 500 drifted up and down for most of the day, before a last-hour lift sent it to a gain of 0.8%. Treasury yields and oil prices also ticked higher, but caution continued to hang over markets as gold touched its highest price since 2011.
The Dow Jones Industrial Average rose 177.10 points, or 0.7%, to 26,067.28, and the Nasdaq composite gained 148.61, or 1.4%, to 10,492.50 to set another record. The S&P 500, which more index funds benchmark themselves against, rose 24.62 to 3,169.94 and is back within 6.4% of its record.
Wednesday's up-and-down trading was reminiscent of the market's moves over the last month, when Wall Street largely churned in place.
Amazon added 2.7%, Apple rose 2.3% and Microsoft gained 2.2%. Because of their immense size, those three stocks alone were responsible for more than half the S&P 500's gain for the day.
“It's sort of like: Buy what feels safe, even though you know you're maybe overpaying for it,” Nixon said. “But it's better than betting on a recovery that's maybe going to be slower than expected, particularly given the fact that we're seeing a spike in cases in some major areas of the United States.”