DKNG - Dow S&P 500 Nasdaq rally as Micron boosts tech

2023-03-29 16:05:09 ET

Although the near-term future for Federal Reserve policy remained murky, stocks rose on Wednesday, resuming a recent upswing after a dip the previous day. Renewed buying in tech stocks helped lift the major averages following a mild risk-off preference over the prior couple of sessions.

The Nasdaq Composite ( COMP.IND ) ended +1.8% , the S&P 500 ( SP500 ) closed +1.4% and the Dow ( DJI ) finished +1.0%.

For the Nasdaq, the rally followed two days of modest retreats. Meanwhile, the S&P 500 bounced back from a fractional loss on Tuesday, recording its sixth higher finish in the past eight sessions. Wednesday also represented the S&P's highest finish since March 6.

Investors cheered a lack of any new disturbing headlines related to the recent banking crisis, raising hope that the worst of the turmoil is now in the past. Meanwhile, a handful of recent quarterly updates raised hope for the upcoming earnings season.

Micron ( MU ) rallied despite a wider-than-expected loss for its latest quarter, as investors focused on the memory chip maker's long-term demand outlook . At the same time, better-than-expected results from Lululemon Athletica ( LULU ) sparked a double-digit upswing for the athletic and leisure apparel maker.

Trading was muted in the bond market. The 10-year yield ( US10Y ) was approximately flat at 3.57%, while the 2-year yield ( US2Y ) advanced 3 basis points to 4.09%.

Looking at other high-profile stocks, DraftKings ( DKNG ), which is currently in the midst of its key NCAA tournament season, pushed higher by 7% amid news that it has launched a horse betting app in time for the Kentucky Derby .

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