S&P 500, Nasdaq bounce back after prior day’s losses
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Wall Street stocks mostly rose early Wednesday, bouncing back after the prior session’s losses amid bullish investment sentiment in spite of the US government shutdown.
Major indices remain near record levels, with analysts pointing to enthusiasm about artificial intelligence and expected Federal Reserve interest rate cuts as factors.
“When there is a dip, buyers step up,” said Briefing.com analyst Patrick O’Hare. “That has been the playbook time and again since the April low.”
About 10 minutes into trading, the Dow Jones Industrial Average was down 0.1 percent at 46,562.77.
The broad-based S&P 500 added 0.1 percent at 6,721.41, while the tech-rich Nasdaq Composite Index climbed 0.3 percent to 22,858.64.
Among individual companies, chip giant Nvidia rose 1.5 percent as CEO Jensen Huang pointed to soaring demand for AI hardware, telling CNBC, “I think we’re at the beginning of a new buildout, beginning of a new industrial revolution.”
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