Wall Street Gains as Dow Jumps 253 Points
U.S. stocks increased sharply on Wednesday, hitting a four-day winning streak as banks and tech lifted major indexes higher.
The Dow Jones industrial average closed 253.04 points higher at 24,893.49 after dropping as much as 150 points. Goldman Sachs contributed the most to the gains, climbing 2.8 percent. The 30-stock index also pared all of its 2018 losses and reported its longest winning streak since Jan. 5.
The S&P 500 rose 1.3 percent to 2,698.63, with financials and tech each gaining over 1.5 percent. Bank of America, J.P. Morgan Chase, Citigroup and Morgan Stanley all traded higher. The financials sector had its best day since Nov. 28. The index also turned positive for 2018.
The Nasdaq composite climbed 1.9 percent to end at 7,143.62, as shares of Facebook, Amazon, Netflix and Alphabet increased.
U.S. equities opened lower on the back of stronger-than-expected inflation data.
Seven of the 11 major S&P 500 sectors were higher. The decliners included the typically defensive sectors: consumer staples, utilities and real estate.
The CBOE Volatility index was down at 21.10 points, slipping below 20 for the first time since Feb. 5 and well off the 50-point mark it hit during last week's sell-off.
The SPDR S&P Bank exchange-traded fund (KBE), rose 2.9 percent and posted its best day since Nov. 29.
Concerns of rising inflation have recently weighed down Wall Street. Last week, all three major U.S. indexes finished the five-day trading period more than five percent down each, with the Dow delivering its worst performance since January 2016.
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