Stocks rallied on Wednesday, pushing the Dow Jones Industrial Average and S&P 500 higher for the second day in a row, as investors looked past the trade turmoil that weighed on the market earlier in the week.
The gains came even as notable technology stocks Alphabet and AMD
posted steep losses following earnings.
The blue-chip Dow climbed 317 points, or 0.7%, led by gains in Nvidia
.The broad market index rose about 0.4%, putting its week-to-date gains into positive territory at 0.3%. Meanwhile, the Nasdaq Composite ticked higher by 0.2%.
Nvidia jumped 4% after the server maker Super Micro Computer
announced full production availability of its AI data center with Nvidia's Blackwell platform. Super Micro shares also rose 7% following the announcement.
Amgen also helped the Dow's rise in the session, as the stock advanced 6% on the heels of its better-than-expected adjusted earnings and revenue for the fourth quarter.
The Dow, along with the two other major averages, tumbled on Monday after the U.S. unveiled a 10% levy on Chinese imports over the weekend. But the benchmarks started to turn around later in that trading day and have continued that trend into Tuesday, which also saw China retaliate with tariffs of up to 15% on U.S. goods.
"Overall, Third Point expects the environment for investing in equities to continue to be favorable, with the caveat that there will likely be periodic dislocations caused by the unconventional approach of this Administration in conveying and enacting policy that affects markets and the economy," Dan Loeb said in a new investor letter on Tuesday.
Alphabet shares tumbled 8% after the Google-parent posted a cloud revenue miss as it ramps up spending on artificial intelligence, spooking investors who worried the megacap technology company will take longer to capitalize on its AI ambitions. Overall revenue for the period also came up short.
AMD shares were also lower by 7% after the company's fourth-quarter data center revenue came up short of expectations.
Elsewhere in tech, Apple dropped nearly 1% after Bloomberg News reported that regulators in China were considering launching a formal investigation into the company's App Store fees and policies.(Cay) Newsmaker23
Soource: CNBC
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