The U.S stocks increased on Wednesday and large technology companies lifted Nasdaq to another record close as investors continued to shrug off higher numbers of coronavirus cases in the United States.
The Nasdaq Composite Index, led by Amazon.com (AMZN.O), climbed by 1.4% to 10,492.50 on its fourth record in five Wall Street sessions.
Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O) brought the biggest increase to Dow Jones Industrial Average by 0.7% to 26,067.28 and S P 500 Technology Index by 0.8% to 3,169.94. Investors viewed the market's pullback as a buying opportunity after major indices had tumbled on Tuesday but resumed upward climb on Wednesday.
"It's been a tug of war between investors that believe the data is getting incrementally and sequentially better, and investors concerned about the increase in case discoveries of Covid-19 and what that will be mean to the reopening plans of the economy," National Securities' Chief Market Strategist Art Hogan stated.