Wall Street surged on Wednesday as investors shrugged off stronger-than-expected inflation data and snapped up shares of Facebook, Amazon.com and Apple.
Facebook jumped 3.7 percent while Amazon.com and Apple both rose more than 1.8 percent. All three fuelled the S&P 500 more than any other shares, leaving the index up 1.34 percent for the session. They, along with Netflix and Alphabet – collectively called the FAANG stocks – were major contributors to last year’s market rally, and all but Alphabet have weathered the recent selloff better than the broader market.
The Dow Jones Industrial Average jumped 1.03 percent to end at 24,893.49 while the S&P 500 rose 1.34 percent to finish at 2,698.63. The Nasdaq Composite surged 1.86 percent to 7,143.62.
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