Stocks rose broadly Wednesday, as strong gains in tech helped the Nasdaq rebound after a losing session. Sentiment was also lifted by easing concerns around the state of the banking sector.
The Dow Jones Industrial Average surged 323 points higher, or 1 per cent in late afternoon trading. The S&P 500 gained 1.4 per cent, and the Nasdaq Composite added 1.8 per cent.
Big Tech shares also rose, with Meta, Amazon, Netflix and Apple all gaining more than 1 per cent.
Micron shares climbed more than 5 per cent after the chipmaker posted its fiscal second-quarter figures, despite the company posting a $1.4 billion inventory write-down. Shares climbed on comments from executives that the inventory issues are improving.
Other semiconductor names followed Micron higher. Nvidia and AMD both popped more than 1 per cent.
Regional banks rose broadly, with the SPDR S&P Regional Banking ETF advancing more than 1 per cent. Big banks such as Citigroup and Goldman Sachs also advanced.
UBS unexpectedly said today that it was bringing back Sergio Ermotti as CEO, as the Swiss bank begins the tough task of digesting its archrival, Credit Suisse.
It’s another sign of how tricky UBS considers the work of taking over its main competitor, via a $3.2 billion deal that continues to draw blowback from investors and Swiss lawmakers alike.
The Canadian Government plans to spend about C$21.0B on clean technology and critical minerals over the next five years, as per the annual federal budget released yesterday. Finance Minister Chrystia Freeland stated that the amount, including a 30 per cent investment tax credit to boost clean-tech manufacturing, could expand to C$80.0B by 2034 with the objective to make Canada a reliable supplier of clean energy to the world.
Overnight, all S&P500 sectors closed higher. Real Estate and Information Technology finished more than 2 per cent higher, whilst Health was the biggest laggard
Futures
The SPI futures are pointing to a 0.7 per cent gain.
Currency
One Australian dollar at 7:20 AM is buying 66.83 US cents..
Commodities
Iron ore futures are pointing to a 0.73 per cent gain.
Gold lost 0.4 per cent. Silver added 0.2 per cent. Copper fell 0.1 per cent and oil lost 0.5 per cent.
Figures around the globe
Across the Atlantic, European markets closed higher. London’s FTSE added 1.1 per cent, Frankfurt rose 1.2 per cent while Paris closed 1.4 per cent higher.
In Asian markets, Tokyo’s Nikkei added 1.3 per cent, Hong Kong’s Hang Seng gained 2.1 per cent while China’s Shanghai Composite closed 0.2 per cent lower.
Yesterday, the Australian sharemarket closed 0.2 per cent higher at 7050.
Ex-dividends
Australian Unity Office Fund (ASX:AOF) is paying 2.5 cents unfranked Arena REIT No 1 (ASX:ARF) is paying 4.2 cents unfranked Centuria I REIT (ASX:CIP) is paying 4 cents unfranked Charter Hall Long WALE REIT (ASX:CLW) is paying 7 cents unfranked Cromwell Property Group (ASX:CMW) is paying 1.375 cents unfranked Centuria Office REIT (ASX:COF) is paying 3.525 cents unfranked Charter Hall Social Infrastructure REIT (ASX:CQE) is paying 4.3 cents unfranked Dexus Convenience Retail REIT (ASX:DXC) is paying 5.45 cents unfranked Dexus Industria REIT (ASX:DXI) is paying 4.1 cents unfranked Elanor Commercial Property Fund I (ASX:ECF) is paying 2.35 cents unfranked Gale Pacific (ASX:GAP) is paying 1 cent fully franked Gryphon Capital (ASX:GCI) is paying 1.33 cents unfranked Garda Diversified Property Fund (ASX:GDF) is paying 1.8 cents unfranked Homeco Daily Needs (ASX:HDN) is paying 2.075 cents unfranked Kkr Credit Inc Fund (ASX:KKC) is paying 1.0938 cents unfranked Lindsay Australia (ASX:LAU) is paying 1.9 cents unfranked Magontec (ASX:MGL) is paying 0.6 cents unfranked Newmark Property (ASX:NPR) is paying 2 cents unfranked Perpetual Credit Income Trust (ASX:PCI) is paying 0.6004 cents unfranked RAM Essential Services Property Fund (ASX:REP) is paying 1.45 cents unfranked Rural Funds Group (ASX:RFF) is paying 2.9325 cents unfranked Sigma Health (ASX:SIG) is paying 0.5 cents fully franked 360 Capital Enhanced Income Fund (ASX:TCF) is paying 3.5 cents unfranked 360 Capital REIT (ASX:TOT) is paying 1.5 cents unfranked Waypoint REIT (ASX:WPR) is paying 4.12 cents unfranked
Dividends payable
Ampol (ASX:ALD) Base Resources (ASX:BSE) BHP Group (ASX:BHP) Briscoe Group (ASX:BGP) Coles Group (ASX:COL) Commonwealth Bank of Australia (ASX:CBA) Contact Energy (ASX:CEN) Iluka Resources (ASX:ILU) Mineral Resources (ASX:MIN) Newcrest Mining (ASX:NCM) Ramsay Health Care (ASX:RHC) Symbio Holdings (ASX:SYM)
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