By Justin Pei
Rochester — Stocks in the U.S. rebounded from losses earlier this week as investors continue to weigh in the potential impact of COVID-19 on the global impact. The Nasdaq Composite and S&P 500 rose to record highs thanks to outperforming tech shares.
S&P 500 was up 0.61% or 20.85 points while the Nasdaq gained 0.95% or 92.85 points. Dow Jones also traded higher Wednesday with an increase of 0.56% or 162.41 points.
The Technology Select Sector SPDR ETF, which tracks the S&P 500’s tech sector rose more than 1% to record highs.
Shares of Nvidia and Analog devices led the rise with 4% gains each. Tesla shares meanwhile rose more than 8% to $930 per share after an analyst at Piper Sandler raised his price target on the company from $729 to $928 per Share.
Apple shares also rose 1.6%, rebounding from Tuesday’s losses following its revenue warning about the coronavirus impact in Chinese markets, a move which resulted in a losing session for the U.S. stock market on Tuesday.