NEW YORK, March 4 (Xinhua) -- U.S. stocks finished higher on Wednesday, buoyed by stronger-than-expected domestic economic data.
The Dow Jones Industrial Average rose 0.49 percent to 48,739.41. The S&P 500 added 0.78 percent to 6,869.5. The Nasdaq Composite Index increased by 1.29 percent to 22,807.48.
Eight of the 11 primary S&P 500 sectors ended in green, with consumer discretionary and technology leading the gainers by adding 2.24 percent and 1.27 percent, respectively. Meanwhile, energy and consumer staples led the laggards by going down 0.73 percent and 0.53 percent, respectively.
Market volatility had spiked due to the war, though dip-buying strategies helped stabilize equities as prices tumbled earlier in the week.
A pair of economic reports bolstered investor confidence. Payroll processing firm ADP reported that companies added more jobs than anticipated in February in the United States. Additionally, the U.S. nonmanufacturing sector registered better-than-expected growth last month, accompanied by indications of easing inflationary pressures.
The technology sector, particularly semiconductor equities, significantly supported the broader market rally. Micron Technology and Advanced Micro Devices each advanced more than 5.5 percent, while Nvidia climbed 1.66 percent. Broadcom rose 1.18 percent ahead of its highly anticipated quarterly earnings release scheduled for after the market close. ■
