U.S. stocks traded higher midway through trading, with the Dow Jones index gaining more than 100 points on Wednesday.
The Dow traded up 0.32% to 46,751.12 while the NASDAQ rose 0.88% to 22,989.73. The S&P 500 also rose, gaining, 0.57% to 6,752.93.
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Leading and Lagging Sectors
Information technology shares jumped by 1.1% on Wednesday.
In trading on Wednesday, consumer staples stocks fell by 0.4%.
Top Headline
U.S. crude oil inventories surged by 3.715 million barrels in the week ending Oct. 3, compared to market estimates of a 2.25-million gain.
Equities Trading UP
- Dell Technologies Inc. (NYSE:DELL) shares shot up 9% to $163.88. Wells Fargo analyst Aaron Rakers maintained Dell with an Overweight rating and raised the price target from $160 to $180, while Bernstein analyst Mark Newman maintained the stock with an Outperform rating and raised the price target from $175 to $180.
- Shares of Critical Metals Corp. (NASDAQ:CRML) got a boost, surging 15% to $11.50. Critical Metals signed a 10-year offtake deal with REalloys for 15% of rare earth output from Tanbreez Project.
- Select Medical Holdings Corporation (NYSE:SEM) shares were also up, gaining 13% to $14.71. RBC Capital analyst Ben Hendrix maintained Select Medical with an Outperform rating and raised the price target from $16 to $20.
Equities Trading DOWN
- Esperion Therapeutics, Inc. (NASDAQ:ESPR) shares dropped 19% to $2.4912 after the company announced the pricing of its $75 million offering of 30 million shares at $2.50 per share.
- Shares of Zeta Network Group (NASDAQ:ZNB) were down 47% to $1.81 as the company announced a $15 million registered direct offering of 15 million shares at $1.00 per share.
- Envoy Medical, Inc. (NASDAQ:COCH) was down, falling 38% to $0.9899 after the company announced a $4 million registered direct offering and concurrent private placement of stock and warrants at $1.33 per share.
Commodities
In commodity news, oil traded up 1.7% to $62.78 while gold traded up 1.5% at $4,066.00.
Silver traded up 2.7% to $48.780 on Wednesday, while copper fell 0.2% to $5.0860.
Euro zone
European shares were higher today. The eurozone's STOXX 600 rose 0.86%, while Spain's IBEX 35 Index rose 1.18%. London's FTSE 100 rose 0.77%, Germany's DAX 40 rose 0.97% and France's CAC 40 gained 1.18% during the session.
Asia Pacific Markets
Asian markets closed lower on Wednesday, with Japan's Nikkei 225 falling 0.45%, Hong Kong's Hang Seng index falling 0.48%, and India's BSE Sensex declining 0.19%.
Economics
- The volume of mortgage applications in the U.S. fell by 4.7% in the week ending Oct. 3, compared to a 12.7% plunge in the previous period.
- U.S. crude oil inventories surged by 3.715 million barrels in the week ending Oct. 3, compared to market estimates of a 2.25-million gain.
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