Dow Jones Rises 254.60 Points as AI and Technology Stocks Advance
Key Facts
The Dow Jones Industrial Average rose 254.60 points, or 0.5%, on Wednesday, November 11, in a rebound led by AI stocks, according to The Associated Press. The index closed at 52,481.11, compared with 52,231.89 in the November 10 session, according to EL7 daily data. The gains were part of a broader advance on Wall Street, with the Nasdaq Composite up 1.6% and the S&P 500 rising 1.3% in the same session. The agency said AI stocks supported the market rebound after concerns about a slowdown in business at companies in the sector triggered a selloff the previous week. Wednesday’s session therefore turned attention to technology stocks’ performance and quarterly results as direct drivers of the gains.
The Nasdaq posted the strongest rise among the major indexes, with The Associated Press attributing part of its strength to technology stocks. The agency said CoreWeave shares helped drive gains after the company reported stronger-than-expected results for the summer quarter. This reflects trading’s sensitivity to business expectations tied to AI, as concerns about a slowdown had weighed on sector stocks during the previous selloff. On November 5, the Dow Jones fell 1,833.06 points to 51,523.06, according to the agency, as AI stocks declined. With Wednesday’s rebound, the Nasdaq and S&P 500 also remained at the forefront of market performance for the week through that day. The S&P 500 stood just 2.6% below its record high set in October, according to The Associated Press.
The performance came as U.S. inflation data showed monthly price increases slowed between September and October, while the actual reading remained above the estimate cited by TD Economics. The Bureau of Labor Statistics said the Consumer Price Index rose 0.4% in October from a month earlier, after a 0.6% increase in September. The consensus estimate listed by TD Economics in its calendar on November 6 pointed to a monthly increase of 0.3% in October. The core index, which excludes food and energy, rose 0.3% in October, according to the bureau. These readings put price data in the background of Wednesday’s trading, but do not change the factor The Associated Press identified as driving the stock rebound: gains in AI stocks. The session therefore combined investors’ attention to inflation with their monitoring of technology stocks’ recovery after the previous selloff.
Energy details showed that the increase in this component eased in October from the previous month. The Bureau of Labor Statistics said the energy index rose 0.7% in October, after a 5.2% increase in September. The gasoline index also rose 1.0% in October, compared with a 9.1% increase in the previous month. The comparison shows that the monthly pace of gasoline price increases was much lower in October, alongside a slowdown in the monthly rise in the overall index from 0.6% to 0.4%. In commodities markets, Brent crude rose 1.4% to $92.76 a barrel on Wednesday, according to The Associated Press. The agency added that higher oil prices tend to push bond yields higher, while the U.S. bond market was closed that day for Veterans Day.
The week’s performance through Wednesday’s close showed gains continuing despite the sharp decline that preceded them. The Dow Jones rose 2.3% for the week through November 11, the S&P 500 gained 3.3%, and the Nasdaq advanced 3.6%, according to The Associated Press. These figures put Wednesday’s rebound in the context of weekly gains for all three indexes, with the Nasdaq posting the largest percentage advance. At the same time, the S&P 500 remained close to the record level it reached the previous month, standing 2.6% below it at Wednesday’s close. The Dow Jones had fallen 1,833.06 points on November 5, before gaining in subsequent sessions. That move remains a recent backdrop for assessing how much momentum technology and AI stocks have recovered after concerns about a slowdown in business.
Markets are looking ahead on Thursday, November 12, to initial jobless claims data, scheduled for release at 8:30 a.m. Eastern Time. The TD Economics calendar forecast 195,000 claims for the week ended November 7, compared with 189,000 in the previous period listed on the calendar. The day’s schedule also includes appearances by Beth Hammack at 9:00 a.m., Michael Barr at 10:00 a.m., and Mary Daly at 1:10 p.m., according to Econoday. These events give investors labor data and remarks from Federal Reserve officials to follow after the October inflation reading. Jobless claims are a near-term economic release, while the officials’ remarks offer an opportunity to follow their comments that day. This completes the schedule of set events in focus after U.S. stocks’ gains in Wednesday’s session.