Techs Recuperate from Massive Selloff, Dow Regains 400+



Stocks ripped higher on Wednesday as tech shares clawed back some of the steep losses that pushed the NASDAQ Composite into correction territory.

The Dow Jones Industrials regained 410.6 points, or 1.5%, to 27,911.49.

The S&P 500 re-hiked 52.17 points, or 1.6%, to 3,384.01.

The NASDAQ Composite jumped 172.08 points, or 1.6%, to 11,019.77.

Shares of Tesla, which had their single worst day ever on Tuesday dropping 21%, rose 8.5% Wednesday. Apple, which lost more than 6% in the previous session, was up by 3.5%.

Those two stocks, along with Microsoft, Amazon, Alphabet and Facebook, lost $1 trillion in market value the last three days. All six were rebounding Wednesday.

The moves Wednesday came as investors shrugged off a setback with a coronavirus vaccine and disappointing earnings news. AstraZeneca shares fell 1.6% after the company said a late-stage trial of its COVID-19 vaccine candidate has been put on hold due to a suspected serious adverse reaction in a participant in the U.K.

Yogawear maker Lululemon Athletica said on Tuesday it was “cautiously optimistic” about the holiday season and forecast current-quarter adjusted profit to fall as much as 20% due to higher marketing expenses. Lululemon, which trades on the NASDAQ in New York, forfeited $32.80, or 9.4%, to $317.00

Prices for the 10-Year Treasury stayed put, maintaining yields at Tuesday’s 0.68%.

Oil prices regrouped 56 cents to $37.32 U.S. a barrel.

Gold prices gained $13.30 to $1,956.50 U.S. an ounce.

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