Stocks rose as shares of the major tech companies recovered some of their steep losses from the previous session.
 | WED, AUG 12, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 452.04 | +14.54 | +3.32% | | BA | 175.44 | -4.69 | -2.60% | | INTC | 49.19 | +1.00 | +2.08% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AMD | 82.61 | +5.73 | +7.45% | | AAL | 13.54 | -0.19 | -1.38% | | GE | 6.72 | -0.01 | -0.15% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AMD | 82.61 | +5.73 | +7.45% | | AAL | 13.54 | -0.19 | -1.38% | | AAPL | 452.04 | +14.54 | +3.32% | |
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Tech shares bounced back Wednesday, helping the S&P 500 resume its march toward record levels.
Facebook, Amazon, Netflix and Google-parent Alphabet all rose sharply. Apple and Microsoft outperformed as well and were among the biggest contributors to gains by the Dow Jones Industrial Average.
Wednesday's strong performance by Big Tech put the S&P 500 back within 1% of its intraday record of 3,393.52. It also briefly lifted the index above its closing record of 3,386.15 before some late selling caused the index to fall just short.  Those gains for tech seemingly came at the expense of shares that would benefit from the economy reopening.
"There's a big debate happening in the market right now," said Yousef Abbasi, global market strategist at StoneX. "Does the tech outperformance continue? Or does hope around a vaccine, a better-than-expected Q2 earnings season and the hope the strong economic data continues to hold up start to justify the idea that some froth should probably come out of tech?"
Wall Street is also facing massive uncertainty from Washington. On Wednesday, House Speaker Nancy Pelosi said both sides were still "miles apart" on coronavirus relief negotiations. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. |
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