Daniel Eye, chief investment officer at Fort Pitt Capital Group told CNBC Wednesday that it was all about positioning ahead of the CPI.
You're trying to get in there ahead of a big move on the report tomorrow. The U.S. Treasury yields fell, pushing prices higher. The Fed said that inflation is slowing and markets believe that the CPI will dip, a signal to the Federal Reserve that the U.S. dollar is lessening.
Technology stocks once again led the buying spree. Gina Bolvin, president of Bolvin Wealth Management Group, told CNBC on Wednesday that tech stocks should rally as we get closer to the end of the interest rate hike campaign that the Fed is doing. Let's face it: Last year they got creamed, so there are investors who want to pick up some bargains. The Nasdaq Composite surged by 189.04 points or 1.76 percent to close Wednesday at 10,931. The Dow Jones industrials jumped 268.91 points or 0.80 percent to 33,973. The Standard and Poor's 500 increased by 50.36 points or 1.28 percent to 3,969. The U.S. dollar was lower on foreign exchange markets, but losses were limited.
The euro was at 1.0753. The British pound rose to 1.2146. The Japanese yen was lower at 132.43. The Swiss franc went up to 0.9311.
The Canadian dollar was little changed at 1.3420. The Australian dollar was up to 0.6907 at the beginning of the day. The FTSE 100 in London rose 30.49 points or 0.40 percent to 7,724 on the Overseas equity markets. The German Dax increased 173.31 points or 1.17 percent to 14,947, up 173.31 points or 1.17 percent. The CAC 40 in Paris, France rose 55.05 points or 0.80 percent to 6,924. In Japan, the Nikkei 255 advanced by 270.44 points or 1.03 percent to 26,446. The Hang Seng in Hong Kong increased by 104.59 points or 0.49 percent to 26,446. The Singapore Straits Times index was up 8.60 points or 0.26 percent to 3,271. The Australian All Ordinaries gained 69.80 points or 0.95 percent to 7,406. New Zealand's S&P NZX 50 declined by 28.27 points or 0.24 percent to 11,636. In South Korea, the Kospi Composite edged up 8.22 points or 0.35 percent to 2,359.