NEW YORK: US stocks jumped on Wednesday as investors took advantage of a three-day sell-off to buy into high-flying tech stocks, a day after the Nasdaq confirmed correction territory.
Tesla Inc's shares jumped 6.5% after shedding about a fifth of their value in the previous session, following its surprise exclusion from the S&P 500.
The top three US public companies by market capitalization - Apple Inc, Microsoft Corp and Amazon.com Inc - rose between 3.5% and 4.5% after bearing the brunt of the pullback.
Other "stay-at-home" winners such as Facebook Inc and Google-parent Alphabet Inc also climbed, a day after their losses pushed the tech-heavy Nasdaq into correction territory, ending 10% below its Sept. 2 closing high.
All major S&P sectors were higher on Wednesday, led by a 3.3% gain in technology stocks.
At 11:38 a.m. ET, the Dow Jones Industrial Average was up 509.97 points, or 1.85%, at 28,010.86, the S&P 500 was up 68.31 points, or 2.05%, at 3,400.15. The Nasdaq Composite was up 273.18 points, or 2.52%, at 11,120.87.
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