The US markets ended mostly higher on Wednesday on a rebound in technology stocks as signs of a COVID-19 vaccine sparked hopes of a quicker-than-expected economic recovery. Traders seemed to shift back into those stocks in today's trading, with Zoom, Amazon, and Apple posting notable gains on the day. The rising hopes for a COVID-19 vaccine had pushed investors to reorder which stocks they saw winning and losing, with investors opting to scoop up shares of beaten down value stocks in industries like energy and financials that were battered early on in the pandemic.
Semiconductor stocks showed a substantial moved back to the upside on the day, with the Philadelphia Semiconductor Index spiking by 3.7 percent after plunging by 4.2 percent over the two previous sessions. However, the Dow declined after news crossed that New York would put restrictions on bars, restaurants and gyms as COVID-19 infections rose in the state. Overall trading activity was somewhat subdued due to the Veterans Day holiday, as banks and the bond markets were closed and no major US economic data was released.
Nasdaq rose 232.57 points or 2.01 percent to 11,786.43 and S&P 500 was up by 27.13 points or 0.77 percent 3,572.66, while Dow Jones Industrial Average fell 23.29 points or 0.08 percent to 29,397.63.
