The Dow and broader U.S. stock market rallied on Wednesday, as tech shares drove two of the major indexes to new record highs.
All of Wall Street’s major indexes finished in positive territory, with the Dow Jones Industrial Average (DIA) climbed 83.61 points, or 0.3%, to 28,332.05.
The broad S&P 500 Index (SPY) of large-cap stocks surged 1% to 3,478.76, a new all-time high. Gains were mainly concentrated in five of 11 primary sectors, with communication services climbing 3.7%. The information technology group rose by 2.1%. Consumer discretionary added 1.5%.
Several sectors reported heavy losses. Energy stocks fell 2.2%, utilities declined 1.2% and real estate finished 0.7% lower.
Meanwhile, the technology-focused Nasdaq Composite Index (QQQ) jumped 1.7% to 11,666.24, another all-time high.
A measure of implied volatility known as the CBOE VIX (VXX) rose slightly on Wednesday. The so-called “investor fear index” peaked at 23.10 on a scale of 1-100 where 20 represents the historic average.
On the data front, U.S. durable goods orders rose much faster than expected last month, a sign that the economy was rebounding from its pandemic lows.
Durable goods orders 11.2% in July, the Department of Commerce reported Wednesday. Nondefense capital goods orders excluding aircraft, a key gauge for business spending plans, rose 1.9%, official data showed.
The Final Word: The COVID-19 pandemic appears to be slowing in the United States. The Center for Disease Control and Prevention reported 37,000 new cases on Wednesday. The case-count fell below 35,000 earlier in the week.