- S&P 500 rises sharply, stays a little below all-time highs.
- Technology shares post strong gains with AMD and QCOM leading the rally.
- Cruise liner and casino shares turn south amid profit-taking.
Following the deep correction witnessed in the second half of the day on Tuesday, the S&P 500 Index (SPX) opened decisively higher on Wednesday and looks to register strong daily gains. As of writing, the SPX was up 1.5% on the day at 3,383 and was a little below the record high it set at 3,393 in late February.
Among the 11 major S&P 500 sectors, the Technology Index is up 2.45% on the day. On the other hand, the Financials Index is down 0.5% as the only major sector in the negative territory.
S&P 500 top movers
Advanced Micro Devices Inc (AMD), which reached a $100 billion market cap last week as its shares soared on the back of upbeat second-quarter earnings figures, is the top-performer on Wednesday. Following a correction that lasted for three days, the AMD is up 7.05% on the day at $82.30.
Among the other tech shares, Qualcomm Inc (QCOM) is up nearly 6% on the day at $115.30. Earlier in the day, Deutsche Bank announced that it raised its price target for QCOM from $115 to $127.
On the other hand, cruise liner and casino stocks, which posted impressive gains in the past few trading days, are falling as investors seem to be booking their profits. At the moment, Carnival Corp (CCL), Wynn Resorts Ltd (WYNN) and Royal Caribbean Cruises Ltd (RCL) shares are down 4.3%, 3.97% and 3.93%, respectively.
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