US Stocks Move Higher, Led by Technology and Health Care
NEW YORK (AP) — U.S. stocks opened broadly higher on Wall Street Wednesday, powered by technology and health care companies, as the market pushes for its third straight day of gains.
The broader market has been rebounding this week following its worst week since December. The Dow Jones Industrial Average joined other indexes in moving higher after it was weighed down for several days by drops in Boeing.
Chipmaker Nvidia added 2.3 percent, helping to lead technology stocks higher. CVS Health rose 1.9 percent as health care stocks rose broadly. Rite Aid climbed 6.7 percent after the drugstore operator announced a management purge.
Several government reports gave investors an upbeat view of the economy. U.S. wholesale prices barely increased last month after falling for three straight months, a sign there is little inflation pressure in the economy. A report on orders to U.S. factories showed that business investment rose 0.8 percent after two months of declines, marking the biggest gain since a 1.5 percent July bump.
Investors are still waiting for details on a potential trade deal between the U.S. and China, and the British Parliament is set to vote on whether the country should crash out of the European Union on March 29 without a deal.
KEEPING SCORE: The Dow Jones Industrial Average rose 128 points, or 0.65 percent, to 25,685 as of 10 a.m. The S&P 500 rose 0.5 percent and the Nasdaq composite rose 0.6 percent.
RITE AID PURGE: The drugstore chain rose 5.7 percent after it announced a purge of its top management and plans to cut 400 full-time jobs.
CEO John Stanley will step down when the company finds a replacement. Chief Financial Officer Darren Kast and Chief Operating Officer Kermit Crawford are also among the executives leaving the company.
PELTZ ADVISES CANNABIS: The Canadian marijuana company Aurora Cannabis surged 10.2 percent after it tapped hedge fund manager Nelson Peltz as an adviser.
Peltz is the CEO and a founding partner of Trian Fund Management. Aurora said he will help the company explore potential partnerships and advise its global expansion plans.
By AP reporter Damian J. Troise