Sept. 7 (UPI) — U.S. markets rallied on Wednesday behind strong tech stocks as Wall Street seeks to snap a three-week losing streak.
The Dow Jones Industrial Average rose 435.98 points, or 1.4%, while the S&P 500 gained 1.83% and the tech-heavy Nasdaq Composite closed up 2.14%, snapping a seven-day losing streak.
Shares of Apple closed up 0.93% after the company unveiled its new iPhone 14, with shares reaching session gains of 1.1% during the event.
Twitter stock also rose 6.38% after a Delaware court denied Tesla CEO Elon Musk’s request to delay a trial over his attempt to back out of the $44 billion deal to purchase the company.
GameStop stock was down 4.3% in regular trading, but jumped 9.5% in after-hours trading. The video game retailer shared earnings that missed expectations, but announced a partnership with the cryptocurrency exchange FTX.
Oil prices slid to a seven-month low Wednesday, as West Texas Intermediate crude oil — the U.S. benchmark — fell 5.7% to $81.93 per barrel, while Brent crude — the international benchmark — declined 5.4% to $87.86 per barrel.
Stocks rose broadly as Federal Reserve Vice Chair Lael Brainard said the central bank would take the steps necessary to combat rising inflation, while providing hope to investors by noting the risks of going too far.
“At some point in the tightening cycle the risks will become more two-sided,” Brainard said.
“The rapidity of the tightening cycle and its global nature, as well as the uncertainty around the pace at which the effects of tighter financial conditions are working their way through aggregate demand, create risks associated with overtightening.”