BBBY - NASDAQ Aims at 4-Day Streak
Stocks rose Wednesday as Wall Street looked to build on what has been a positive start to 2023.
The Dow Jones Industrials leaped 125.76 points to break for lunch at 33,829.86
The S&P 500 was up 29.63 points to 3,948.88.
The NASDAQ Composite Index hiked 128.78 points, or 1.2%, to 10,872.41.
The moves come after the NASDAQ clinched its first three-day winning streak since November Tuesday. Investors picked up battered technology stocks amid growing hope for a change of course in the Federal Reserve's interest rate hike campaign. A positive close on Wednesday would mark its first four-day rally since September.
Bed Bath & Beyond rallied a whopping 83 cents, or 40.1% to $2.90 to trigger the trend in morning trading Wednesday. Shares of GameStop, the original star of 2021's meme stock mania, climbed 19 cents, or more than 19%, to $1.36. AMC Entertainment soared 64 cents, or 15.6%, to $4.70.
2023 has brought a relief rally so far for more risky areas of the market, such as tech, but many investors are still cautious ahead of earnings season and further expected rate hikes from the Federal Reserve.
Prices for the 10-year Treasury gained ground, lowering yields to 3.58% from Tuesday's 3.61%. Treasury prices and yields move in opposite directions.
Oil prices advanced $1.21 to $76.33 U.S. a barrel.
Gold prices subtracted 30 cents to $1,876.20 U.S. an ounce.