Traders work on the floor of the New York Stock Exchange on Feb. 4, 2025.
NYSE
Stocks rallied on Wednesday, pushing the major averages 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 Jones Industrial Average climbed 317.24 points, or 0.71%, to 44,873.28. The index’s gains were led by a sharp advance in Nvidia. The S&P 500 rose 0.39%, ending at 6,061.48. Meanwhile, the Nasdaq Composite added 0.19%, closing at 19,692.33.
Nvidia jumped more than 5% after the server maker Super Micro Computer announced full production availability of its AI data center with Nvidia’s Blackwell platform. Super Micro shares rose around 8% following the announcement.
Amgen also helped the Dow’s advance in the session, as the stock jumped 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 7% 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 6% after the company’s fourth-quarter data center revenue came up short of expectations.
Elsewhere in tech, Apple ended the session marginally lower after Bloomberg News reported that regulators in China were considering launching a formal investigation into the company’s App Store fees and policies.